To Understand Health Insurance, People Benefit from Financial Literacy Program
Health insurance has become a popular topic covered in the national news, given the recent implementation of the nationwide Affordable Care Act. But many people struggle to understand what the health insurance act really means to them on an individual level. Learning about all types of insurance is important for anyone who wants to become money savvy. For this reason, the National Financial Educators Council discusses health insurance in its financial literacy program.
The purpose of financial literacy programs is to raise people’s awareness about all aspects of money and how it affects every facet of our lives. The NFEC is a social enterprise group with a stated mission of helping people gain practical money knowledge. According to this organization, while some individuals—especially healthy ones—may view health insurance premiums as a waste of money, it’s important to understand how such insurance can shield us from major loss.
For example, even a healthy young person can fall off a bicycle, slip on an icy sidewalk, or break a leg on a ski trip. Without medical insurance, how will those doctor bills get paid? As the NFEC’s money management programs will tell you, going without health coverage is like playing Russian Roulette with your finances and your well-being.
Medical insurance is the mode of risk management that protects you against an unforeseen health expense. Learning the ins and outs of managing risk of all kinds is essential to building financial literacy. And in today’s economy, becoming financially aware has never been more important.
The NFEC promotes youth financial literacy programs as well as information to reach very young children, college-aged adults, adults, and senior citizens. All these programs are carefully designed with the guidance of an expert panel of financial and educational professionals. Understanding the value of health insurance is just one of the comprehensive subjects covered by the NFEC’s top-of-the-line programs.