Create a Plan to Cover Health Care Costs
Over your lifetime, health care expenses will be one of the larger categories in your personal spending. Your premiums and out-of-pocket costs need to be part of your spending plan. And if you do not have employer-based coverage or if you experience income loss to pay for coverage, then you need a backup plan for your costs.
Make Health Care Costs Part of Your Financial Life
Use the My Annual Health Care Costs worksheet to estimate costs and make them part of your regular spending plan.
- Use SAM’s Budget Wizard to create a spending and savings plan that includes the health care expenses you’ve identified.
- Start a savings fund strictly for health care and health emergencies.
- Use SAM’s SMART Goals worksheet to outline strategies for saving for medical expenses.
- Identify at least two other ways you can pay for health care needs if you do not have insurance coverage.