Guardian Angels

The following is a staff writer post from MikeS.  He is a married father of 2.  So, with the cat, he ranks number 5 in the house.  He loves numbers and helping people. Please leave any questions or comments below for either Mike or Crystal.

I Must Be Lucky

I am beginning to think I have a guardian angel looking out for me, maybe more than one.  I opened our above-ground pool recently and in what seems to be an annual occurrence, I fell off the pool.  It is not that far down, but it is probably about a four foot fall.

We have been on the house for about four years and I’ve fallen off the pool at least 3 times.  Every time I have managed to escape serious injury.  I was thinking about this the other day during one of my morning runs.  I tend to have random thoughts when I am running for an hour.  I had landed on my right side this time and wasn’t really able to brace myself.  I thought this was lucky because had I used my right arm to brace, I likely would have broken it.  I then thought, even if I did break or if something worse happened, I am prepared for it.

Being Prepared

I have health insurance that would help pay for the medical expenses.  It is a high-deductible plan and my deductible is $7,000.  That is quite a bit of money, but I will have that and more in the HSA account by the end of the year.  I set aside the maximum amount allowable this year into the account, which was $6,650.  Since I had about $1,500 left in it at the end of last year, I will have more than enough to cover the deductible.  Should the medical expenses exceed what I have saved in the HSA, I have an emergency fund that I can tap into to cover the rest.  The medical insurance has an out-of-pocket maximum that I would hit before exhausting my emergency fund.

Work is Covered Too

Now what happens if I can’t work for either a short or long period of time?  My job is pretty flexible, so I could work from home if I needed to for a period of time. If my injuries were severe enough where I was unable to work at all, I would be ok.  I have short-term disability insurance through my employer.  It would cover me for the first 26 weeks of any absence.  After those first 26 weeks, my long-term disability policy through my company would kick in.  That policy would provide 60% of my current salary, which would be enough to cover my essential expenses.

Now, if the leave were to last longer than 52 weeks, that would be when my personal disability policy would begin to pay benefits.  I figured any disabilities that were to last that long would be severe and likely to last a significant time.  Thus, the personal disability policy is in place to provide additional money that I could save for retirement.

If the injuries proved to be fatal, I am not worrying about anything anymore.  My wife also will not have to worry about money.  I have enough life insurance to make sure she is comfortable.  My Social Security survivor benefits will provide nearly all of the income my wife would need.  I have the life insurance to cover the slight shortfall and to help fund retirement for my wife.  As my wife is raising our children, we have not been contributing to a retirement account for her.  Our retirement plan has been predicated on my income.  Therefore, no income from me and that likely creates a bleak retirement picture for my wife.  My life insurance makes that picture a whole lot rosier.

So, if my guardian angel or angels happen to be on a break the next time I am walking around the edge of my pool, I know I have the outcomes covered.  How prepared are you if your guardian angels are on a break?

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