People eligible for Medicaid may enroll anytime throughout the year. Parents can also apply for Children’s Medicaid (CHIP) for their children year-round. Every state provides free or low-cost health insurance for children in low- to moderate-income households. For more information about state programs, contact the U.S. Department of Health and Human Services at 877-Kids Now (877-543-7669) or go to www.insurekidsnow.gov.
Basic medical coverage can promote preventive health care, which is very important for you and your children. Your family’s health is an asset. Protecting your health and having basic medical insurance coverage can give you peace of mind to focus on achieving your other life goals.
People who are insured through their employer should consider participating in a flexible spending account (FSA) if it is offered. An employer–sponsored FSA allows employees to save pretax dollars in an account to cover deductibles, copays, prescription and over-the-counter drugs, and other health expenses not covered by insurance. Employees need to plan their FSA spending so they have enough saved to cover their uninsured medical expenses but not more than they can use in one year plus two and a half months. On March 15 every year, money left in an FSA from the previous year is forfeited.
Even if you have health insurance, you should make sure your emergency savings account is adequate to provide a safety net against unexpected medical costs.
Statistics show that you have a higher risk of becoming disabled than of dying before age 65. Disability insurance helps you pay living expenses if you are sick or injured and unable to work for a long time. Your employer may offer this insurance in its benefits plan. Consider buying this protection even if you have to pay for part of the premium.
Buy Insurance Wisely
Insure U, a website sponsored by the National Association of Insurance Commissioners representing insurance regulators from across the United States, has more information on buying all types of insurance at www.insureuonline.org.