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How to Minimize Healthcare Costs

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Monday, October 11, 2021

Worrying about money is not a good thing to do as it eats away at you from the inside. It is always on your mind like a monkey on your back, and you cannot get rid of it unless your financial situation changes. Worst of all, it can even make you ill. Financial stress causes 35 percent of Americans to lose sleep at night. 17 percent say that they have blood pressure problems directly linked to money worries. 

“Making sure you are covered by health insurance in case you get sick is a good idea in any situation but should be a priority if you are worried about your finances,” says Scott Mass,

Senior Vice President, Investments at David Lerner Associates. “Doing it earlier rather than later is essential for peace of mind heading into retirement.”

If you do get sick and can’t cover the bills it could compound your worries, and well, you see how it can go downhill from there. If you lose your job due to poor health and aren’t insured, you could be in for a world of hurt.

Building up cash reserves is one way to minimize your risk as you age and having money in the bank means you have options. When it comes to healthcare, however, you need to get the best you can afford. You can’t enjoy your money if you are sick or dealing with a chronic illness. 

Healthcare costs can be a risk at any age; however, this is especially relevant if you want to retire early. As you age you could have more health issues and having exorbitant medical bills will have a seriously negative effect on your golden years if you aren’t prepared for it. Medicare isn’t available to you until you reach the age of 65.

About 60 percent of American adults who require help with everyday activities are 65 or older. Data from the AARP suggests that over half (52 percent) of people who turn 65 today will develop a severe disability that will require Long Term Care and support. 

If you are struggling to afford health insurance look at the Affordable Care Act (ACA) to see if that could assist you if you are not in a position to get top-tier healthcare. The ACA was designed to give people a helping hand when it comes to their health insurance needs. It is supposed to make it more accessible and equitable and aims to make affordable health insurance available to more people. The ACA also got rid of any pre-existing conditions statements that precluded coverage if you are already ill. Health insurers now can’t charge you more or worse, deny coverage to you or your child if you had a pre-existing health condition like asthma, diabetes, or cancer. 

Look after your health because when it’s gone you will miss it dearly.

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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