I’m Kalyani, one of the hosts of Fintastic Females. In this episode, Rupali, my co-host and I talk about our experiences and thoughts on medical insurance. Personally, I didn’t have much experience with it growing up in India since it wasn’t common there. We would pay for healthcare services as we needed them, and they were relatively affordable. When I moved to the UK, I had public healthcare coverage through my job, but I didn’t have to use it much. It was straightforward, and I didn’t have to worry about costs. Later, when I started a job where medical insurance was provided, it became a part of my benefits package. At first, I didn’t fully understand how it worked and had to reach out to HR for clarification. Over time, I learned to use my insurance for things like physiotherapy, but I haven’t had the need to use other types of coverage like dental or optical. In 2017, when I quit my job to pursue my own business, I had to start paying for my own insurance. I was surprised by the cost as an individual compared to what companies pay for their employees. It made me realize that if you’re considering leaving a corporate career, it’s important to budget for medical insurance expenses, especially if you have children. It can add pressure to your business or passion project, so it’s crucial to plan ahead and be aware of the financial implications. Personally, I’ve come to see it as a necessary expense and part of my overall annual expenses. It’s important to prioritize our health and be prepared for unexpected medical costs. I’ve built up an emergency fund, which I like to call my “freedom fund,” to cover such expenses. Rather than spending on other luxuries, I choose to live more conservatively to ensure I have the security and freedom to prioritize my wellness. Dealing with insurance reminders can still be challenging at times, but I’ve learned to emotionally adapt and focus on practical preparations. Whether you’re already self-employed or planning to become one, it’s crucial to get used to the emotional aspect and have a solid financial plan in place. Remember, the information we provide is educational and not financial advice, so always do your own research and make informed decisions. We appreciate your support and encourage you to share the podcast and leave your comments and reviews. Our goal is to make your lives more abundant with financial knowledge.