- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Introduction
- Understand How Health Insurance Relates to Your Personal Financial Plan
- Explain Health Insurance Coverage and Health Insurance Plans
- Understand the Key Areas of Disability Insurance
- Understand the Key Areas of Long-term Care Insurance
- Understand How to Control Your Health Care Costs
- Know What to Look for When Buying Insurance
- Summary
- Assignments
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
Understand How Health Insurance Relates to Your Personal Financial Plan
Health insurance protects you and your dependents from suffering a financial catastrophe caused by high medical expenses. Paying out of pocket for a hospital stay, even if short, can be very expensive. Health insurance allows you to receive the necessary medical care if you or your dependents are injured or become ill. Health insurance offers you peace of mind and eliminates the financial risk of having to make large payments to health-care providers for injury or illness.
Concerning the need for adequate insurance, President N. Eldon Tanner remarked:
Nothing seems so certain as the unexpected in our lives. With rising medical costs, health insurance is the only way most families can meet serious accident, illness, or maternity costs, particularly those for premature births. . . . Every family should make provision for proper health and life insurance. (N. Eldon Tanner, “Constancy Amid Change,” Ensign, Nov. 1979, 80)
