If you’re trying to save for retirement on the average income, you soon realize that learning to cut back on expenses is essential to this goal. One of the biggest expenses you have may very well be health insurance. But do you dare cut back on the amount of coverage you have? What if something were to happen to your or a family member’s health?
Here are three options that can bring you a sense of security without the expense of regular health insurance.
- Carry catastrophic insurance. This covers you in the event of a major physical injury, but costs less than general health insurance.
- Self-insure. For the moment, Americans are not being forced to buy health insurance. Until and unless that happens, you can save up a year’s worth of expenses so that you can cover regular medical and dental expenses out of pocket.
- Buy Short Term Health Insurance. This kind of insurance covers you temporarily, so you can use it off and on when you feel there may be a real need for it. At Health.gov you can find tips on healthy living that could reduce your cost of this – or any – kind of health insurance.
If you get out of debt and learn to practice a healthy lifestyle, going without regular health insurance coverage is do-able. Research your options and take some time to think them over, as it’s a decision you don’t want to take lightly.