Peter is another example of those who had very successful career in the past, had high position, and well covered short term health care. He is almost always on travel and had assignments overseas as a Manager in a Semiconductor Manufacturing. However, he had contracted kidney problem that necessitated medical attention. Initially, he was covered by the company he worked with. But, of course as usually what happens, the company would only cover medical needs of an employee on a limited basis. This left him to fend for his own needs. Since he did not invest on his long term healthcare while he was gainfully employed, he did not have any back up plan. Now, in his early 50's, he is unemployed and survives by the income of his small business, and by asking help from his former co- employees and friends for his regular Dialysis that already had cost him millions.
We met many June, Jose, Juan and Peter of different ages, who went through the pain and difficulties in their finances due to medical crisis. People really go bankrupt if they do not have the basic short term and long-term healthcare. It does not matter whether you are in the early part of your career or in the last quarter of your work life. The lesson we learned from these people we met is clear, we have to make sure that in building our solid financial foundation, we must indeed start it by securing our own long term health care. And if we do not have a short term healthcare, we must secure it too!
When Fely and I were both employed, the company we worked with really provided very well for our healthcare. It included all our children too. However, when the company opted to give us early retirement, our healthcare also ceased. Thus, it gave us a very big lesson that we really must make sure that while we are working and the company provides for our short term healthcare, we must invest on our own long term healthcare. We do not want to experience the stories of Jose and Juan and many others who have struggled and still is struggling financially because of a medical crisis in their life.
to be continued....
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