Tag Archives: health insurance

Making Sense of Saving

May 15, 2015Savingbank account, emergency fund, health insurance, inflation, interest rate, Jamaica, Law of Accumulation, Money Coach, personal financeCHS

I recently overheard two shoppers discussing the high price of groceries at the supermarket. One lamented that she had to discontinue her son’s college savings plan as it was costing her more each month to buy the necessities. “Right now, it just doesn’t make any sense to save,” she complained.

Rising inflation levels and reduced interest rates have definitely curtailed the ability and willingness of many people to save. When they have to make a choice between paying the bills and putting aside money for the future, their current needs will always take precedence.

Some people believe that the money tradition of saving has gone the way of phone booths and floppy disks — an outdated and old-fashioned relic of times gone by. They declare that it is more money-savvy to invest their cash than to leave it languishing in low-interest bank accounts.

Despite the realities of tenuous budgets and unattractive returns on savings, there are many reasons why the practice of saving is still an essential financial habit to adopt. Let’s look at some considerations that will help you to make sense of saving. Continue reading Making Sense of Saving →

Maintaining your health

April 24, 2015Risk Protectioncritical care plan, health insurance, healthy eating, high cost of health care, Jamaica, Money Coach, personal finance, reduce stressCHS

Last week we looked at the connection between wealth and wellness, noting that ill health can jeopardise your finances. Sickness can decrease your work output, deplete your savings and destroy your plans for the future. You need to have good health to pursue great wealth.

Since wealth can be defined as a “plentiful source of a particular desirable thing”, you could say that good health is a form of prosperity in itself. Whether you have an income shortfall or you have significant net worth, you must preserve your health if you want to be truly financially secure.

Very often, persons will explain that a shortage of time and/or money hinders them from pursuing healthy lifestyles. Let’s look at some of the common excuses and outline some strategies that can help you to find the right balance between managing your wealth and maintaining your health. Continue reading Maintaining your health →

Good Health, Great Wealth

April 17, 2015Risk Protectioncritical health plan, health care, health insurance, income loss, Jamaica, Money Coach, personal finance, sickness, stressCHS

For a few years now, I have been neglecting my health, mainly because I have been working hard to solve my financial problems. This has caused health problems such as fatigue, sleep deprivation and weight gain. How can I achieve financial stability without jeopardising my health? — Reader

In today’s fast-paced society, many of us are faced with the challenge of balancing work, home, school and service responsibilities. Trying to complete all these conflicting tasks can lead some people to over-schedule themselves and ignore the need for rest and relaxation in their daily agendas.

If you are going at a frenetic pace to make ends meet, generate extra funds to pay off debt or save for an important goal, then you may readily find excuses for working too hard. However, if your mantra is ‘no pain – no gain’, you might actually be harming your health and weakening your wealth.

Financial success is not just about having more than enough money to cover your needs and achieve your goals; good health is an integral component of your overall wealth. In fact, your mental, physical and emotional well-being all impact your ability to attain financial wellness. Continue reading Good Health, Great Wealth →

Financial Fears

September 26, 2014Money & Your Mind, Risk Protectionearn more money, emergency fund, face your fears, health insurance, investing risk, Jamaica, Money Coach, personal finance, retirement planCHS

Fear has been described in the acronym False Evidence Appearing Real, indicating that very often the thing you fear is not factual, but just based on some perception in your mind. Sometimes you may even be embarrassed about some of the strange thoughts that secretly cause you to be fearful.

Fears about money can leave you feeling vaguely uncomfortable about your finances, intensely anxious about your future prospects, or send you into full-blown panic mode. Even if your fears may be irrational they can cripple you mentally and physically and prevent you from actualising your goals.

Many financial anxieties may stem from your concerns about losing something important that money can provide, while certain types of financial mistakes can be serious enough to warrant extreme distress. Let’s look at some common financial fears and simple strategies which can help you to deal with them. Continue reading Financial Fears →

Money Mayday

May 2, 2014Risk Protectioncritical care plan, emergency fund, estate plan, health insurance, Jamaica, life insurance, May Day festival, Money Coach, personal financeCHS

Historically, the first day of May was celebrated around the world with activities, including the crowning of the May Queen and dancing around a maypole. In modern times, the May Day festival has been merged with the Easter holidays, and it is no longer popular in most countries.

Apart from its association with ancient celebrations, the term ‘mayday’ has a less pleasant meaning. Mayday is used as a signal to indicate that a vessel such as a boat or aeroplane is facing a serious emergency. It was coined because it sounded like the French expression, ‘m’aider,’ which means ‘help me.’

When sudden disaster strikes

Two recent tragic events affecting air and sea travel made me reflect on the mayday distress signal. The mysterious disappearance of Malaysian Air Flight 370, with hundreds of passengers onboard, and the sinking of the South Korean ferry demonstrated how a routine journey can quickly turn into disaster.

Although we may not like to think about it, in the twinkling of an eye our lives can go into a negative tailspin from which it can be very difficult to recover. Just like those persons who embark on a voyage, we need to make adequate preparations to protect ourselves from the uncertainties that surround us. Continue reading Money Mayday →

Expect the Best, Prepare for the Worst

June 14, 2013Risk Protectioncritical care plan, emergency fund, estate planning, health insurance, home repairs, Jamaica, life insurance, Money Coach, personal financeCHS

For many people, thinking about the subject of money brings on negative emotions ranging from mild confusion, constant frustration, sheer anxiety to full-blown panic. It’s unfortunate that such an essential part of our lives can sometimes cause us to experience so much mental pain.

Very often, persons will create their own money misery with their poor financial habits. Splurging in excess of their income, not planning for upcoming expenses, ignoring the need to save, and not making efforts to earn part-time income are some of the practices that can cause distress.

While careless spending and budget shortfalls are the usual suspects for money worries, sometimes a lack of organisation in your financial affairs can bring unwarranted concern. Uncertainty about the true state of your finances can lead you to be overly fearful about your financial future. Continue reading Expect the Best, Prepare for the Worst →

Managing Money When You’re Sick

January 18, 2008Risk Protectionemergency fund, finance, health insurance, Jamaica, power of attorneyCHS

Illness can wreak havoc on even the best-planned budget and throw your money management into disarray. Most people aren’t concerned about how sickness can affect their financial lives until they are in the middle of an emergency health situation.

Let’s look at some things you should consider when you’re thinking about life’s eventualities. Hopefully this will help to improve your state of financial readiness in the event of illness.

Health Insurance

Without a doubt, health insurance is a god-send when you’re facing a daunting medical bill. It allows you to hang on to your money while the insurance company picks up the tab for some of the cost of medical services and products. Check out these crucial questions relating to insurance: Continue reading Managing Money When You’re Sick →

When Emergency Strikes

November 2, 2006Risk Protectionbudget, emergency fund, finance, health insurance, JamaicaCHS

“Into each life some rain must fall. Some days will be dark and dreary.” – Henry Wordsworth Longfellow

“Your bill is J$2,100,” the cashier muttered. As I handed over the money to the cashier at the hospital, I wondered what would have happened if I didn’t have enough money to pay for the admittance fee. Would they not attend to my six-year old son’s obvious case of emergency?

“Your lab fees are J$1,734 and the cost of the disposables is J$2,926.” One more time I had to pay the smiling cashier to ensure that the emergency care was provided. Hours later, as I prepared to leave the hospital with my son, the nurse handed me the documents with a note that there was yet one more bill to be paid.

“Your charge is J$1,904.” As I handed over the money, I realized that my early morning emergency had already cost me over J$8,600, and this was with health insurance! With the cost of medication to come, I knew that my budget for this month had just been turned upside down. Continue reading When Emergency Strikes →

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