The concept of insurance is confusing and boring; at least, that’s what I thought a year ago before going through an experience that would have cost me thousands of dollars if I did not have insurance. Saving thousands of dollars is definitely not boring—especially for a college student. However, prior to that incident, like most of my peers, insurance seemed like a necessary evil that sucked away the joy of splurging on a night out or a shopping trip. The very term brought with it feelings of confusion and vague resentment that such “trivial” expenses were required of me. But now, I believe that insurance—for your car, health, or home—is one of the most important expenses to maintain.
In my first semester of college, I got into a car accident in the first week of classes. The crash took an emotional, physical, and monetary toll on me, and I wasn’t sure what to do. I was overwhelmed because I was forced to miss several days of school to recover from my injuries, and then once I was able to attend classes I had to find a ride to campus with friends or family. On top of that, I had just paid for tuition and books, and I needed to find another used car and somehow pay for medical treatment. As a student with only a part time job for income, the obstacles looked insurmountable for me, and I worried about how I was going to pay for all of my expenses. This experience truly engraved in me the importance of having good insurance coverage. Without the medical insurance that I had purchased through my university, and the automotive insurance policy that I was on with my grandparents, I would have surely buckled under the financial strain.
Being raised in a family with nine children, we have always had to invent creative methods for saving money. Though sometimes we would complain to our mom about how “unfair” saving money was, it ultimately brought us to an invaluable understanding of the importance of being careful with money. Growing up, my clothes were either hand-me-downs or bought at the thrift store, where my shoes and toys were also purchased. When Christmas came around, my sisters and I would receive “group gifts”, which meant we all had to share. Because of our tight budget, none of us were enrolled in sports, music, or art lessons, so my sisters and I taught ourselves to play guitar and piano by ear, and we even learned art by watching YouTube videos and painstakingly copying the artists’ methods. While other kids brought pricey brands like Lunchables and Oreos for lunch, our mom packed us snacks from bulk economy brands into Ziplock bags, and insisted that we bring the bags home to be reused another day. Only due to little sacrifices like those were we able to get by on my dad’s one income.
However, we never had to worry about medical care, because we had heath insurance through the Florida Kid-Care program. Knowing that we had health insurance relieved our mom and dad from the worry about what might happen if one of the kids got injured or sick—and in fact, that did happen fairly often. Mom likes to say we “took turns” being hospitalized. In particular, my older brother was brain injured at thirteen months old, and he was hospitalized for two months with years of follow up care from therapists and other specialists. If we did not have medical insurance, the medical expenses would have been devastating to our family.
For the person who wants to be wise with their funds, insurance is essential to make sure that they will be able to pay for unexpected expenses when bad things happen. It is an inevitability that accidents, illness, and medical emergencies will occur. As much as we would like to think that those things would never happen to us, the truth is that adversity is not only possible; it is unavoidable. Because of this, it is essential to be prepared for medical, automotive, and other expenses. These days, health care costs are not something that most people can afford to pay out-of-pocket; they need extra help. Health insurance companies bridge the gap between what most people can pay and what the health care actually costs. For a reasonable monthly premium, the careful spender can make sure that if something bad does happen, they will not have to worry about whether they can afford the help that they need. It would be terrible to be in a situation where health care is necessary, but unavailable due to monetary constraints. Paying for insurance is not throwing money away each month; it is buying one of the most important things that we need: security. Even though it may not seem fun in the moment, in the long run we are making a priority of the things that matter most.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.