The nature of the medical insurance industry is becoming an increasingly contentious issue during the lead-up to the presidential election in the United States, and, as Darren Pawski points out, one of the most prominent areas of discussion focuses on the role of financial health as it pertains to the ability to secure adequate medical care. The American medical system is complex, with many physicians saying that it is far more complicated than it has to be while also noting that eliminating the high overhead and profits of the insurance industry — not to mention the mountains of paperwork — would generate an annual savings of $500 billion.
Pawski and other finance professionals recognize the plight of many citizens of the United States whose access to necessary medical care is often limited by their income or their savings. It’s no secret that poverty is closely related to a reduced life expectancy, and several of the presidential candidates believe it is entirely objectionable that access to quality health and medical care is not considered a right of all people. Without weighing in on the solution — whether it is a single-payer healthcare system or something else entirely — Pawski notes that this issue should serve as a potent reminder of just how important it is to consider the many benefits associated with shrewd financial planning.