3 Reasons Why You Don't Need a Health Insurance

One of my favorite financial advisors shared reasons for not having health insurance and I couldn't agree more with him:

1. You don't get sick because you have superpowers.

     Perhaps your name is Logan aka Wolverine and you heal super fast.  Or you must be a descendant of Dracula and have been living for centuries.

2. You own a hospital.

      To you, a visit to the hospital is just a trip to your place of business. A room in one of your Presidential suites is almost as expensive as one in a Five-star hotel and you can stay there as much as you like.

3. Your parents are ultra-rich.

    So you're born with a silver spoon in your mouth, the heir to the throne, or one of the crazy rich Asians. Is your surname Musk, Gates, or Buffett?

These things may sound absurd but for the average Joe, it is not hard to realize the importance of getting yourself insured. If you don't belong to reasons 1,2,or 3 then you definitely need health insurance.
 Yes, you take excellent care of yourself, which is a great way to reduce your likelihood of needing medical attention. But, there is no doubt that chance has also been a factor. Even though luck might last for a while, you shouldn't use it as your primary strategy.

Why people don't get insurance:

  • Most of us think it's very expensive. But in fact, there is a wide range of health insurance products suitable to every budget.
  • We don't prioritize it. There's this notion that there are more immediate needs. Some lack the budget for it.
  • The misconception that one product is enough. They think one kind of insurance will cover all.
  • Fear of talking to an advisor. Some don't have a clue what to ask the advisor or they feel that all the advisor cares about is getting a sale.
  • Using insufficient resources. We go to forums and search the web for answers. But fact of the matter is, we have different financial milestones and the advice you get from one person may be different from yours.

So then, why do we need Health insurance?

Recently, I attended Sun Life's Talks session titled:  Unlock Your Health Goals,  with guest speakers Affinity Partnerships Manager Francesca Tolentino and Sales Manager & Financial Advisor Garett Maralit. Tolentino shared the hardships her family went through growing up, what she went through after being very sick during the pandemic, and how hard it was to not have health insurance. She shared these reasons for getting health insurance:
  • Bridging the gap. Cover yourself in case anything happens.
  • Avoid being a burden financially. Do you want to burden anybody when you get sick?
  • Keeping healthy and avoiding illness is not covered by the family budget.

Moreover, it was clear that the perfect time to get health insurance is now due to medical inflation. 

What to expect when talking with a supervisor?
1. Your advisor should ask the proper questions and not sell products right away.

2. Financial needs analysis will be conducted.
3. They will provide a solution to bridge the gap from point A to B.

It is ultimately up to us to decide whether or not to take care of our health, how to get well, and how to get ready for the inevitable. But keep in mind that whatever choices we make, they will have an impact on not just us but also our loved ones.

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