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Dave Says: Retire Without Health Insurance?

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Dear Dave, 

I haven’t heard you talk much about insurance needs after retirement. An older friend of ours is going through a terrible time right now because he had an extended hospital stay and no insurance. Is it possible to retire with no health insurance and be okay?

- Karen

Dear Karen,

It’s possible, but it’s very tough. You’re taking a huge risk if you allow yourself to be in that situation. Medical bills are the number one cause of bankruptcy in America. The second biggest cause is credit cards. If you don’t have an emergency fund or health insurance, then you’re a moving target. Man, in that situation if you even walk past a hospital someone might run up and hand you a bill!

There’s no magic to it, Karen. Health insurance is something I strongly advise having because it’s a basic part of any good financial plan. You need it, because if you don’t you run the risk of having to crack and scramble your nest egg if serious health issues arise.

- Dave

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About The Author

Dave
Ramsey

Dave Ramsey is America's trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, and EntreLeadership. His newest book, written with his daughter Rachel Cruze, is titled Smart Money, Smart Kids. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations.