Working in a kitchen is labor intensive. Burns and bruises are mere scratches compared to long-term side effects from standing, lifting heavy weights, and breathing in smoke constantly.
I am a health advocate, and investing in health has gradually become the center of attention in the hospitality industry. Not only do we have to promote a healthy lifestyle, but we also have to coach people on investing in health.
Staying healthy is a commitment I make to my family, friends, and bosses. Being healthy allows me to cultivate friendships and relationships, and work better. Therefore, I allocate a portion of my income to purchase health insurance.
In a state-sponsored health insurance marketplace (under the Affordable Care Act), insurance plans are categorized into 4 tiers: bronze, silver, gold, and platinum. Different metals offer different levels of benefit, with bronze being the lowest and platinum the highest.
To understand health insurance, these are terms to be familiar with: deductible, premiums, copay, and coinsurance.
deductible – the amount you must pay for covered services before your health insurance provider begins to pay.
premiums – the amount you pay to the health insurance company each month to maintain your coverage
copay – a fixed amount you pay for a covered health care service after you’ve paid your deductible. (You may be subject to copay before your deductible has been met.)
coinsurance – a percentage of a medical charge that you pay, with the rest paid by your health insurance plan, that typically applies after your deductible has been met
The higher the premium, the lower the deductible, and the sooner the coverage starts. Vice versa.
My poor financial literacy had cost me opportunities to invest in my health when I was young. Learning the basics has helped me choose a plan that suits my lifestyle and budget.
My investment in health is part of my plan to achieve financial freedom. Having health insurance allows me to focus on living. Having decent health is worthy of every penny I save and allows me to work and save some more.