Do I Really Need Insurance?

This post is sponsored by Aflac. I was compensated for writing it, but all opinions are 100 percent mine.

Do I Really Need Insurance?

When you start going through your budget with a fine-toothed comb, you might come across something that stops you in your tracks. It’s that insurance premium for the insurance that you’ve never used.

I’m healthy, I’ve never missed work because I was sick, but every month I have to pay this insurance bill. I should just cancel it and save the money.

But what if… what if something does happen? It could be as simple as needing an outpatient procedure, or maybe it’s as serious as needing to stay for observation. What if you don’t have your insurance and you need to foot the bill?

Or even worse… what happens when you can’t work for a period of time?

So many people are living paycheck-to-paycheck. If you don’t have voluntary insurance, you could be in serious trouble. Even missing a day or two of work can wreak havoc on your finances. Can you imagine what could happen if you were out of work for 6 weeks? Could your budget handle that?

Thanks to Aflac, I get to tell you about why you need to make sure that you make voluntary insurance part of your budget. And, spoiler alert, even if your budget is tight, yes, you should have it.

So do I really need insurance?

In so many words, yes. Absolutely yes.

Imagine that you’ve finally taken control of your finances and build up that $1,000 emergency fund. Only to have you or your husband fall suddenly ill and need serious medical care or surgery.

A good friend of mine has always been healthy, has always taken care of his family, and has never seen a doctor for more than a routine physical. Then last week he had a seizure. During his seizure, he fell down a flight of stairs and shattered his shoulder and rotator cuff. Now this typically-healthy man has to not only pay for these surgeries that he needs and the medication that he needs, but he’s also going to miss work for 12 or more weeks.

It can happen to anyone.

According to the 2016 Aflac Open Enrollment Survey, more than 56% of millennials say there are things they don’t understand about their overall health care policy, including things like deductibles, copays or in-network providers. That’s a lot of people who are paying money for something that they don’t really even know how to use!

The best way to make sure that you’re getting the best coverage is to talk to your human resources representative at work. They will have all of the answers and options that you’ll need when you buy your insurance. If you miss out on your company’s open enrollment period, you’ll be stuck with your coverage for another year. That’s a long time to have bad, inadequate or too much insurance.

What about voluntary coverage?

Voluntary coverage pays cash when you’re sick or hurt so you can focus on recovery, not financial stress. So if you’re living paycheck-to-paycheck and you’re in need of surgery, you can rest easy knowing that you’re going to be taken care of financially thanks to your voluntary insurance.

Unlike health insurance, voluntary insurance is an option that you need to choose and pay for separately. But it’s well worth the cost. I can’t imagine trying to focus on getting healthy while worrying about how you’re going to pay 3 months of expenses without income.

Protect your money and look into the kinds of coverage that you can get from your insurance. You might be surprised at what you find.