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In an ideal world, healthcare would be free, or at the very least as affordable as life’s basic necessities. But in reality, even for relatively healthy people, healthcare is one of the most costly and unpredictable expenses we will ever face.
As idealistic as I may be in every other area of my life, when it comes to money – how it’s earned and how it’s used, I have become increasingly pragmatic. Perhaps I can chalk it up to my early experiences. I grew up in a household where money was always present, but not often talked about openly. I saw it come in, saw it go out, and on many occasions heard exclaimed that we needed more of it. I was taught the importance of saving, but did not really understand until later in life that my money could work just as hard for me, as I did to earn it.
So, when I became a working adult, my relationship with money was simple — you earn it, you spend it, and that cycle repeats for the rest of your life.
This way of thinking was challenged when, a few years ago I ran into a family friend, a professional in her early 50s who from all appearances did everything right. She had a stable job that provided excellent health benefits, was active and maintained her health and lived within her means. Nonetheless, she was diagnosed with a serious illness. She shared with me how challenging this period was for her — not just physically, but financially. As a result, she continued working, even in her frail state. When asked why she didn’t stop to rest, her answer was as practical as it was sobering: “I need the money. I need the insurance.”
That moment has stayed with me.
I think this is a story relatable to many Bahamians who learn, often too little too late, that while health insurance is an important component of a secure financial plan, it is not the complete solution.
Between deductibles, co-payments, and treatments that are sometimes not fully covered, the bills begin to add up. Then there are the other expenses we often don’t consider, including time off from work, travel for treatment, specialized care, and maintaining everyday expenses that don’t stop just because we fell ill.
No amount of planning can fully eliminate the financial burden of a serious or terminal illness, but that interaction made one thing clear to me. I never want to be in a position where my ability to rest, especially in my final days, is dictated by my need to maintain coverage or a paycheck.
Often, we think about saving for short term goals or emergencies, and investing for wealth-building over the long-term. But filling in the gap for unexpectedly expensive healthcare costs is an equally important reason as well.
In a country like ours, where advanced medical care sometimes requires travel, this kind of preparation is even more important. Building a financial cushion creates options. It may be your choice to continue working even through an illness, but you should not have to. You may choose to entrust your care to local professionals, but should you want to travel to get treatment from an expert in another part of the world, you should have that option as well. This kind of preparation gives you dignity and control during what can be one of the most vulnerable times in your life.
No one can plan for every eventuality. You cannot predict your health, no matter how well you care for your body. But you can plan for the financial realities that may come with any surprise life may throw your way. Yes, insurance must be a part of your plan. But setting aside a little more in an interest-yielding account can give you the more security and ultimately the most coverage.
