The Importance of Insurance and Savings
A few weeks ago I was struggling with our toddler to get his shirt on. I didn’t realize how close we were to our desk and before I knew it he smacked his face on the corner. He cut himself right above his eye and the gash looked bad. My husband came home to look at it during lunch and we decided he needed medical attention.
We took him to our pediatrician who took one glance and sent us straight to the pediatric emergency room next door. Our son ended up getting two stitches.
Although this wasn’t a pleasant experience for us it would have been much worse if we didn’t have two things: health insurance and savings.
We have been without health insurance before and it is very scary. We’re very thankful for a job with benefits, but even if Tim’s company didn’t provide insurance it’s important enough to us that we would pay for it ourselves. Medical emergencies can happen anytime and huge bills really put a crunch on your budget.
We also felt calm because we knew where the money to pay for this would come from: our emergency fund. We wouldn’t need to put the bill on a credit card or go on a payment plan with the hospital. We will be able to pay the bill in full, on time, without any interest.
The only affect this bill will have on our budget this month is that we can only put in about 1/4 of what we normally add to our savings because the rest we will use to pay the bill. We didn’t technically have to take anything from our savings because we haven’t yet deposited money to our savings account this month.
With the development of this bill we will be put back one month on our savings plan, but we know that this could have been much worse. I am truly grateful that we are in a position to have health insurance and emergency savings.
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Saving for the Expected: The Baby Fund | On One Income on Wed, 13th Jan 2010 7:00 am
[...] a rainy day”, in reference to unexpected occurrences such as unemployment, health issues, and accidents. But I rarely hear people express the need to save for major expected expenses that can just as [...]