Re-Thinking Healthcare Coverage at Life’s Milestones

Everyone no matter what their age, financial status or occupation, needs to keep one very important fact in mind. As we get older, we inevitably experience life-changing events such as employment changes, marriage, parenthood, retirement among others. These milestones often call for celebration.

More significantly, however, they call for a recalibration of many of the financial aspects of our lifestyle. Your healthcare is one of the top-priority topics that you should devote check-up time to as you move along the great big path of life.

Milestones That Impact Your Healthcare Decisions #1 – Snagging Your Dream Job

Even after nailing that dream job in your dream career that offers entitlements like free employee healthcare. You might still face extra health-related expenses. Additional expenses can be incurred with deductibles and co-pays. You can take certain measures to cut down these extra expenses.

First off, evaluate those new benefits relative to your current provider’s. It’s important to discuss with your family doctor whether he or she will accept your new health insurance. If your family doctor does accept that new insurance, you may continue to consult him or her with no hesitation.

If, on the other hand, your doctor won’t accept it, consider carefully whether you can afford to continue to see this doctor at your own expense or whether you want to look elsewhere for a doctor who will accept your new insurance. Another suggestion to help decrease additional health expenses is to re-examine your health savings account and flexible savings account.

Estimate what sort of additional expenses lie waiting around the corner and make sure that your accounts have that level of money stashed away from your salary. Finally, you can focus upon supplementary health benefits. As an example, a supplementary health benefit could be free gym membership provided to you as part of your employee benefits package. These extra benefits can save you lots of money as they aim to keep you healthy over the long term.

Milestones That Impact Your Healthcare Decisions #2 – Becoming a Mother

Before the delivery, it is vital that you ascertain that your health insurance provider works together with your hospital. To get the ball rolling, call your insurance company and make them aware of the situation. In this way, the insurance provider will be ready to pay the hospital bills promptly when required.

After bringing a new child into the world, you will want to provide the very best conditions so that the stage is set for him or her to live a happy, healthy life. This will lead to increased expenses on your part unless you take some important steps beforehand. First of all, you’ll need to choose an insurance plan for the health coverage of your newborn.

5 Milestones That Impact Your Healthcare Decisions And Coverage

When shopping around, consider the premium rate, coverage features and costs, and the provider networks. The next step to take is identifying a suitable paediatrician for your child. It’s recommended that you interview many potential doctors while looking out specifically for the one who is the most skilled, flexible and caring of your child’s needs. A good paediatrician must ensure his or her availability when an emergency case crops up. He or she also needs to have strong alliances with renowned hospitals.

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Milestones That Impact Your Healthcare Decisions #3 – Entering Your Fifth Decade

During your 40s, you need to closely monitor and safeguard your health. This stage of your life is crucial as your health may be slowly be sliding downhill, however, if you detect health problems early, you can often overcome them. This is why you should schedule annual screenings for diseases like cancer. Skin cancer, breast cancer and cervical cancer are more likely to occur in women in their 40s.

You should have your eyes examined regularly once you reach the age of forty because your vision starts to deteriorate sharply at this stage. You are still relatively healthy and young at this stage of you life, so this may be the perfect time to consider long-term health coverage.

When doing so, it’s necessary to think about illnesses that may run in your family. For example, explore a more extensive coverage plan if Parkinson’s Disease has reared its ugly head in your family history.

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Milestones That Impact Your Healthcare Decisions #4 – Preparing for Retirement

It is important that you act strategically before retiring in order to ensure a successful and smooth transition. The first thing you should do is determine the health expenses which you may expect to have to bear after retiring. Take into account the strong possibility that your healthcare expenses will escalate from your 50s onwards. Then review your insurance plan to see if its features will adequately cover your needs after retirement.

Remember that your healthcare needs will change most radically at this stage since you’ll probably need relatively more medical treatments than you did when you were younger. Since you’ll no longer be working, you will no longer receive employee healthcare benefits. In fact, you may find that you need to change your coverage plan or insurance provider completely.

5 Milestones That Impact Your Healthcare Decisions And Coverage
Finally, make note of two very important insurance concepts. One is hospital insurance and the other is medical insurance. Hospital insurance will cover hospital, home healthcare and hospice expenses while medical insurance will take care of general medical expenses. The earlier you apply for these, the lower your premiums will be and the earlier you’ll be able to receive benefits.

Milestones That Impact Your Healthcare Decisions #5 – Golden Years of Retirement

Throughout your golden retirement years, be sure to get connected with additional health coverage. This will be essential as you will most likely no longer get extra coverage from your employee benefits. It’s recommended that you sign up for Medicare services, which are often offered to individuals aged 65 and older.

Be sure to schedule bone density scans – women become more vulnerable to bone diseases after the age of 65. Finally, sign a healthcare directive to designate a reliable person who’s agreed to be responsible for making final healthcare decisions for you as you age and your health declines. This may involve decisions regarding old-age medical care, final palliative treatments and funeral arrangements.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).