Health insurance coverage for parents isn’t just a safeguard for the older generation; it’s a lifeline for their children as well. Beyond emotional concerns, the financial burden of a parent’s illness can be overwhelming. If you’re a millennial, like me, with retired or non-working parents, you understand the unspoken responsibility we feel for their well-being. In these challenging times, where our parents are more susceptible to severe illnesses like COVID-19, stroke, heart attacks, and cancer, having health insurance for them becomes not just a choice but a necessity.
In 2019, I made a critical decision to obtain health insurance for my father, foreseeing the possibility of a significant health issue arising. Little did I know that our world would soon be gripped by the COVID-19 pandemic. Unfortunately, our insurance application was denied due to my father’s preexisting conditions. I respected the insurer’s decision, but it didn’t make the situation any less worrisome. Then, in 2020, the dreaded call came from my mother – my father had been rushed to the hospital after suffering a stroke. What followed was a testing time for our family, both emotionally and financially.
It was during this trying period that I realized the true cost of procrastination. I had waited too long to secure health insurance for my father, and I now wished I could turn back the clock. I kept putting it off, thinking, “He’s healthy for now,” or “I have other financial priorities.” Little did I know that life could take an unexpected turn. If we had secured insurance for him earlier, we wouldn’t have had to worry about the hospital bills. We could have focused on his recovery, and my mother could have provided him with the care he needed. Unfortunately, we were late, and it cost our family dearly.
As much as I wish I could go back in time, I can’t. However, I believe our story can serve as a valuable lesson for others. Don’t wait until it’s too late to act. Connect with a financial advisor today to discuss health insurance not just for yourself but also for your parents and children.
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Mica is the president of Aetos Financial. She has been a financial advisor for more than 9 years. She is committed to provide quality financial services to her clients.