What’s the connection between losing your job and losing your health? Plenty. Apart from bringing in feelings of worthlessness, anxiety, depression and even suicidal thoughts which all affect one’s health (Worry About The Health of the Economy..and about the Economy on Your Health), many are now finding that their healthcare benefits also go out the window once they lose their jobs. The group insurance benefits provided by their employers, which they had taken for granted and had provided for their healthcare needs previously, have left many unemployed in a state of renewed anxiety as to how to fund their future hospitalisation needs.
The New York Times highlighted 07 Dec 2008 that, of the 10.3 million Americans now unemployed (an increase of 36% since the beginning of 2008), the vast majority did not have health insurance; and only 4.4 million were having unemployment health insurance. There are now 46 million uninsured Americans who have to pay out of their own pockets (if they can) should they need madical attention.
So what’s the message for the rest of us? Take out your own health insurance policy while the going’s good. Remember, the belief that ill-health will only happen to the other person is not for real. Even more important, at the rate of relentless healthcare inflation (8-12% per year), you only need to be hospitalised once to realise that it can burn a huge hole in your pocket. Many private health insurance companies now even insure people up to age 70 and beyond. Get some useful tips on taking a health insurance plan from my earlier posting here.