Life insurance
Life insurance allows you to be sure that a sudden deterioration in health due to serious illness or the consequences of an accident will not lead to a financial disaster for the insured and his family. The insurer will promptly make the insurance payout determined by the insurance contract. This can help the client receive a qualitative and timely medical care, compensate for the lack of income and maintain the usual living standard. Besides, the insurance payment being several times higher than the insurance premium, will solve the health problems encountered, provide the necessary funds for recovery and rehabilitation, and also help compensate for the loss of the usual income during the disability period.
A life insurance policy allows get a guaranteed payout at the end of the contract as well as additional return on investment, which the company accrues based on the results of its activities. The pension insurance program forms capital to receive additional pension benefits during the planned period. Moreover, the insured independently determines the amount of his future pension at the time of the agreement conclusion.
Emergency fund
In addition to insurance, the investor should acquire an emergency fund in the form of liquid investments; it significantly simplifies the process of withdrawing funds. It is possible to place the emergency fund in a savings account with a bank or in a liquid mutual fund.
Medical insurance
The US healthcare system is recognized as the most expensive in the world (about 19.5% of GDP). And the modern way of life often leads 30-year-olds to chronic diseases. Therefore, in order to save investments, it is easier to buy a health insurance policy.
Purchase of insurance policy in America is an expensive procedure, and not every person can afford it, however, paying for services on their own can “hit” the individual's budget even more. That is why there are various health insurance programs in the United States that take into account all the conditions of the insured. We can see it on the examples of the following systems: Medicaid for people with low income (it is necessary to prove a low standard of living for this type of insurance), Medicare for patients over 65, Medicare Part D (also includes getting prescribed drugs at reduced rates), SCHIP insurance for children (from non-Medicaid families but unable to pay for private insurance), private systems (typically 60% of Americans are sponsored by an employer, and only 9% can afford this type of insurance on their own), COBRA for those who have lost their jobs (provided temporarily, considering the reason for leaving the job), PCIP for people at high risk (a separate type of health insurance for people with serious illnesses).
In general, we can say that despite the expensive insurance in the United States, people receive really high-quality services in full, and the insurance also makes them profitable in relation to the prices of certain types of medical services.
Photos are from open sources.
