Nguyet T

What is insurance? According to Investopedia.com “Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.” Growing up no kid have to think about insurance because it was the parents’ responsibility. Not for me, when I was twelve years old, I learned what insurance, finances and what bankruptcy was. Let’s start from the beginning my parents had came to America back in the 90’s from Vietnam and did not know any English. Thankfully they received a job from a friend of theirs, where people who worked there were Vietnamese. Fast-forward about ten years later, my parents faced a financial crisis and were unable to understand what their options were. I was twelve at the time and was able to speak both Vietnamese and English. I became their translator throughout the process of their bankruptcy, through this I learned the value of a dollar and what all was our family bills. Insurance was one of them of course, there was mortgage insurance, medical insurance, homeowner’s insurance and car insurance. I was able to interpret what insurance was but didn’t fully understand it until I had drawn in a sickness to myself. I started getting these intensive pain to my left abdomen, the pain left me motionless and crying. Not understanding what was going on my mother took me to the doctors. After months of blood test and urine test nothing had shown up. Off to a specialist we went and again with the medical tests. After about a year of different medication and testing it concluded that I had Recurrent Gastric Ulcers, Chronic Gastritis and Abdominal Migraines, that were all stress triggered. During the entire time, I saw my medical bill rising and we could not afford it. I felt so guilty for being sick because I was the only person aside from my parents to know about the bankruptcy. I had gathered up all the bills and was going over them to confirm the amount due. As I was going through them, about half of them did not have any insurance payment on it. I was very confused considering my parents were paying about $350 a month for health insurance. I gave the hospital a call and was informed that the insurance on record was no longer valid. I began frantically searching for the insurance card knowing that there was a mistake! When I found it I spoke to the lady on the phone gave her the correct information and it was all clear, I was going to receive a new bill with insurance’s payment on it. Come to find out, my mother’s work had switched insurance company during the year that I was in the hospital and we never gave them the new one. When the new bill arrived I was so relieved and happy that most of my treatments and test were covered by our insurance. Our bill was less than a third of what the original one without insurance was. This was such a relieve for my parents also because there was no way that we could pay it, at that point in the bankruptcy we could not add in any other debts. That is when I truly learned the value of insurance and how important it was to me. At first I thought why would we pay for something every single month if we don’t use it every month. Since that day I will never take insurance for granted because if it wasn’t for insurance how much money would it cost my family for the multiple doctor bills, car accident repairs, and home repairs that the insurance had paid for over the years. I have personally been in countless situations where my insurance had saved me from trying figure out how I will come up with money, or what my transportation will be. I personally feel like we all should have insurance because at the end of the day, we are paying for protection of a bigger cost. It may seem like we are just giving money away to a company because we don’t get into accidents, or we don’t get sick. But accidents happen everywhere and to anyone, we tell our kids wear a helmet when riding a bike it is to protect them from accidents. Insurance is like a helmet, it is to ensure protection so we aren’t harm at the end of the day. That saying “ better be safe than sorry” also relates to insurance, I would rather have it and not need it then need it and not have it.

Reference

“Insurance Definition | Investopedia.” N.p., n.d. Web. 23 Oct. 2016.

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