The Good Friends Guide To Money by Lucinda Atwood & Marina Glass

Author:Lucinda Atwood & Marina Glass [Leckie, Lucinda Atwood, Ann & Glass, Marina]
Language: eng
Format: epub
ISBN: 9781462056088
Publisher: iUniverse
Published: 2011-09-29T00:00:00+00:00

As you get older you are more likely to develop medical conditions that would prevent you from being eligible for insurance, or would limit your options. It’s often best to think about your insurance options as early as you can in life, consider how your needs might change over time, and revisit your plan periodically to make sure it still meets the needs you had planned for.

“But the government will take care of me, right?”

This is a common misconception. Many countries have a variety of public systems to provide some degree of coverage to some or all of the population. For example, it might cover hospitals and doctors, or it might cover medications for low income seniors. It might be a payout in the event of death, or payments to cover lost income in the event of work interruptions. Some jurisdictions have quasi-public agencies to cover the costs associated with certain on-the-job work-related illnesses, accidents and deaths. The complex system in most western countries leaves many people with the sense that we’ll be taken care of, but it may surprise you that many things are in fact not covered by these programs. Many programs have been facing great financial strains and cutbacks. While these public programs may provide a basic amount of coverage to certain people, you may decide that the needs of you and your family require more income.

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