Healthcare Planning is a Must - Ep #120

this episode airs in the fall when the leaves turn beautiful autumn colors and many people gather around their televisions to watch football for some it's college football for others it's the nfl and for most people it's both now if you watch football or really any television programming during the fall you'll be inundated with advertisements about medicare insurance And the reason is simple.

October 15th through December 7th is Medicare's annual enrollment period.

When individuals age 65 and older can review and change certain Medicare plans.

And the companies that provide them make their money.

So fall is also the time when many people under age 65 have open enrollment for their employer provided plans as well.

Now I remember this time well from when I worked in corporate America years ago.

Each October, I would go through every healthcare plan offered.

I would compare the deductibles, out-of-pocket maximums, premiums, prescription coverage, and other benefits.

Then I would try to estimate what our healthcare expenses might be in the coming year.

Sometimes I got it right.

Other times, well, I was way off.

With healthcare being such a significant potential expense, it is imperative that you analyze your options each and every year rather than simply continuing with the plan you chose last year.

You need to confirm that your coverage still fits your needs and goals and that you're prepared for what may come.

Because healthcare is incredibly expensive.

Believe me, I know.

Like many Americans, my family has endured our share of major medical expenses.

Now, some were associated with IVF.

It's incredibly expensive, but completely worth it because we were blessed to have three kids.

However, getting there took seven different attempts, along with some tragically sad and expensive failures that required multiple emergency room visits.

Then there was the time my middle son Conway needed stitches after he hit the coffee table when his older brother Lucas tackled him while they were playing football.

But one of the most expensive experiences occurred just a few years ago when Lucas had a seizure while surfing.

He was face down in the water for more than 30 seconds.

An ambulance ride to the emergency room was followed by an overnight hospital stay that included numerous neurological exams.

The result was an incredibly large bill.

Insurance covered some of it, but we did not complain because it could have been so much worse.