What is "health insurance"?
Health insurance is a contract – a written contract – between you and an insurance company. And, if you have an illness or an injury, and you incur expenses – we all know that if you have a tonsillectomy, it could be ten to fifteen thousand dollars, if you have heart surgery, it could be a hundred to two hundred thousand dollars, cancer could be over a million, plastic surgeries to repair burns from a serious car accident could cost in the millions. The insurance companies that sell health insurance will pay for those expenses. This is a very important insurance – probably the most important insurance somebody buys because whether you are a low-income person or a high-income person, the loss of your health could be at stake if you don't have health insurance. A lot of people don't even go to the doctor without health insurance because they're afraid to spend money. As an example, I once had a client who had just a little mole on his toe, and he really neglected it for years because he didn't have insurance. He finally went to the doctor, and it turns out that the mole on his toe was a melanoma and it could have killed him. Had he had insurance, he might have had that taken care of when it was a very small item and he would have lived a normal life expectancy. Unfortunately, that client of mine is no longer living. These are the reasons you have health insurance. Also, you have unbelievable net worth over the years. You know, our whole goal in America is to have high income and to accumulate assets, and if you had a large expense, or one of your family members had a large expense due to a medical problem, you might have to use all of your money that you've saved for years to pay for that expense. So, health insurance is the most important insurance anybody could buy.
