21/10/2017
Saving for healthcare is the base in building a solid financial foundation because before going into investments, we need to invest first in ourselves. We need to protect ourselves first.
We work hard to earn income. This income goes to two major streams: spending and saving. We are all experts in spending money and there is no need for us to learn more about spending. However, not all us are "masters" in saving money, a lot don't even save at all. For those who are already into saving, the question is, "Are you saving the right way or the wrong way?"How can we share if we don't have?
The number 1 reason why most people retire broke/When You No Longer Be Able To Work is that saving for healthcare is the most neglected savings. It is because most are still dependent and enjoying on company's HMO benefit while being employed. The challenge is that by the time we retire, we are no longer covered. We may receive a lump sum retirement pay but with one major illness, it can wipe out all the retirement money.
It is therefore important to set aside a separate health savings account intended for your long-term healthcare needs. Kaiser long-term is the best starter savings program for that.
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