These days it’s even easier for your health care to affect your income and even the money that you have in savings. With the Affordable Care Act those people that have more money maybe paying more than normal for their insurance, well it is helping people who have less money actually be able to have insurance and health care.
This act also will be determined by your income, because depending on how much you make you may be eligible for some discounts. if you opt not to have insurance you could end up with a penalty on your taxes the following year. Aside from that here are some other things that your health care effects when it comes to the money that you have.
Money In, Money Out
When was the last time you looked at how much income you have coming in, from all sources? You might not just have a regular paycheck, but you could have an annuity payment that you get on a regular basis, child support, or even other payments from other Investments. Maybe you do some work on the side and have residual income that comes in from books that you’ve published or from stuff to sell at local arts and crafts fairs.
All of this money will determine your insurance costs, unless you’re lucky enough to have employer-funded insurance. And the more money you have coming in, the easier it may be for you to cover medical issues when they do come up.
A major health crisis for you or someone in your family could dip into your savings account, affect the money that you have to pay bills or buy food, and severely affect your regular money in and money out.
Missed Days At Work
There are other ways that health problems and the cost of health care can affect the money that you have coming in aside from the cost of your insurance or the cost of visiting the doctor or the emergency room. If you are missing days of work because of an illness you are losing out on money, and less you have some kind of vacation time saved up or get paid for sick leave. This means that you have insurance and get your regular checkups and inoculations so that you can work better to avoid getting sick.
Over-The-Counter And Prescriptions
If you buy a lot of over the counter medications and if you don’t have prescription coverage through your work, or through your insurance, those can take a big cut out of the money that you have coming in as well. Prescription medications are not cheap at all so it pays to look into some kind of discount plan to help take some of that burden off your paycheck and savings account.