Last year, I got sick and had to take off 6 months of work. Needless to say, I went into massive debt. I had no income. Is there an insurance policy that would cover my bills and expenses, etc.?
Last year, I got sick and had to take off 6 months of work. Needless to say, I went into massive debt. I had no income. Is there an insurance policy that would cover my bills and expenses, etc.?




You'd probably be better off building up an emergency fund of six months of your monthly income into a savings account. It takes time and diligence to put that much away, but once you do, it can be a lifesaver. It draws interest, instead of costing you premiums. It's more flexible than an insurance policy that covers only certain circumstances like inability to work, and there's no red tape involved in using it. For example, if a legal incident arose in which you needed to hire a lawyer, you could dip into it. Also, you'd have much more flexibility during changing work conditions, knowing that, buoyed by your emergency fund, you could readily quit and look for something else. But it takes discipline to build it up, discipline to avoid tapping into it for luxuries, and discipline to replenish it after using it for legitimate emergencies.Originally Posted by Scout
-Ev
I thought I was being smart. I had a 6-month emergency fund. It depleted quickly when I decided to pay the doctors and hospital in one lump sum. Argh. I should've made them wait. The 6-month fund lasted about 2 months.Originally Posted by evan_essence




^^^^ I'm sorry to hear that. I live with someone who's chronically ill so I know when you're sick and it's ongoing and you've got major medical bills, even with budgeting and help from loved ones, it's as if God himself doesn't have enough money to cover it. I totally give you hugs and encouragement for what you're going through. Congratulations on what you've accomplished; it's better than a vast majority in a job w/o traditional insurance coverage could do under the circumstances. Obviously, I'm not an insurance/financial expert so perhaps someone else can chime in with some other practical suggestions. I can only pull for you in spirit.
-Ev




You might want to look under the threads for Independent contractors and LLcs. It talks about restructuring how you do biz so that you can get tax breaks for health coverage.
Here is a link for other information about self employed health coverage.
http://www.healthinsurance.org/
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