Can we expect that everything works out in our favour, all the time?
This article addresses this two major questions: a) Why are people not well prepared for their future? and b) what do you need to be well covered and where can you get assistance?
Very recently I got this message from a friend of mine asking me for help. I think it is important to better prepare yourself for eventualities that your future has to offer. The best is to look at your entire picture rather than only insurance or only one aspect. The better you plan ahead the less implications and hassles you will have along the way.
Similar messages, as the one above, reach me every now and then. For me, those cases are really heartbreaking. Not only because people are really suffering but also because people are simply not preparing themselves for eventualities that life throws at them. Don’t get me wrong, I am an optimist, but can we expect that everything works out in our favour all the time?
What is important?
In my humble opinion, the top priority is to have an insurance to cover expenses in case we need medical assistance, or in order to get first aid. Safety Wing, for instance, offers a bunch of different options to cover most of the common expenses, please check their website and see their offers.
What does an insurance include?
What will an insurance cover and what is excluded depends on multiple conditions. Inform yourself before you make the purchase. It is vital to read the small-print and to understand the details of each offer. Not every insurance is for you and not every offer includes all you need. You want to make sure that your case is covered. With a bit of research you will find many insurance offers online but the devil is in the detail as the saying goes. Having a good understanding of what the packages includes and what is not covered is crucial! The best time to buy an insurance is before big changes. Let’s say you expect a new family member, you want to move to another country, or start a new outdoor sport, or else.
Please note: Depending on your lifestyle you may want to make sure your sport activities are also covered and that you get the right services, e.g. in case you have to be flown out.
Look at the bigger picture, don’t get lost in the details
The second most important thing is to make sure you are prepared in all the important areas. A health insurance is only one piece of the foundation. What about all the other aspects? You might want to take a look at your entire situation and take care of your basics (home-base, residency, business, etc.). A holistic approach is what I would recommend to you! Many of the people I know are living a remote or nomadic lifestyle and make a living as location independent entrepreneur or digital nomad. Most of them live from one day to another without making long term plans or long term commitments. Having no base, living in a low cost country, and sometimes even not paying taxes altogether. This seems a game that is very popular these days. Yes, this will lower your living expenses in the short run but this might put you at risk in the long run. Regardless of your choice or preference, paying social contributions or having a decent insurance may seem inconvenient at first, but that gives you the security that you’ll be covered when you need it the most.
Don’t be fooled by “easy” offers
“Let’s do this, it is much easier to setup.” a friend of mine stated in a recent business conversation. He did not realise that the setup of what he wanted to do seemed easier but the consequences of choosing an easier setup only offered disadvantages for the ongoing period and would produce much more costs than an alternative solution. Yes, laws and regulations are most likely not easy to understand, but keep in mind, what are the long-term benefits and what is the bigger picture? Reach out and understand what you really need.
Yes, a simpler solution is usually faster implemented. But, does that really make your life easier in the long run or will you need to adjust again in a short period of time? Solid solutions may seem a bit more complex at first but may offer much more advantages instead. Don’t use the way of least resistance because it seems simpler, faster, or more convenient to you. Get assistance and understand the advantages and disadvantages of different solutions and make informed decisions. Book a counselling call and get the information you need.
Preparing for the future is not exactly something sexy but it might help you to avoid sending messages, such like the one above, to your friends later on. I help people to setup a base, getting residency in a low tax and low cost country. Having a base and paying social contributions can get you a European Health Insurance Card (EHIC) that has a decent coverage to avoid those big bills in case you experience a less favourable day.
We offer a full concierge service and help people to prepare for a hassle free future at MyStartBulgaria.com.
In any case, I wish you lots of joy, luck and happiness for 2023.
Yours truly,
Uwe
