Health Insurance or Savings Account

You should have both - health insurance and savings account. Health insurance is for your health contingencies while your savings account is for your future needs or retirement. A time deposit would even be better than a savings account because it has a higher rate of interest.

Honestly I do not see the connection between the two, however I guess health insurance is important inn the present time.

Both are important. I personally think you can choose one over the other.. so plan for both.

It is a hard one. I think maybe try both if you can. If not savings would be better.

It would be far too difficult to advise you really because it would very much depend on your health. Sometimes the insurance companies look for things to avoid paying out. They have clauses here there and everywhere which catches people out. I only read yesterday of a lady who bought insurance and declared she had cancer. Went on a trip of a life time tripped and broke a leg. The company refused to pay out even though they knew about the cancer and told her that she was covered. She forgot to declare that she had a minor operation many years before and they used this excuse to get out of paying. She is stuck in America with a $132,000 bill she is unable to pay.

Health costs are huge, I think it's wise to get the insurance, your health costs can be way more than you can save.

If you can afford to have both then that is the best option I think.

I'd rather go for savings. As far as I know, we got issues from different insurance companies before.

Health insurance is the best choice. BTW in which country are you residing?

I started having private health insurance when I was in my mid 30s .. I'm 60 years old now and paying $130 a month .. it's a bit high but it's important to have that as we age ..

I would always go for savings - there is no point paying for health insurance as all treatments and medications are free here in the Wales.

Health insurance is good to have, especially if you ever have a really large medical bill because of an accident, cancer or a surgery.

Health and savings..both are investments

If I will be the one to choose, I'd rather choose savings account. I don't like the idea of having insurance. Any kind of insurance is a big NO to me.

I would allocate 30% of my money into health insurance and 70% into saving account.

You can get a health insurance in place of an HMO. My advise is not to rely solely on a savings account because in case of emergency it will get depleted and you don't have any health/medical other benefits that you can get. PhilHealth can help out too I guess but if the illness is worse like cancer am not sure if they can cover it. I can help you find the best option for a health insurance from Manulife if you want to know more. I am based in Metro Manila though, not sure if we can meet if you live far.

it's even harder to save money now, how much more for the insurance, by the way we got scammed by it.

I like the health insurance, but with a family of 5 medical expenses can add up quickly if something happens. Both have their benefits and if I could afford both I would probably do that.

At this age, I would also recommend you for health insurance.

We have the health insurance in our country, but you may choose the kinds of paying for health insurance. Mine is an expensive one. We pay for it every year at the end of the year. Most of the insurance is paid by the company, we pay very little of the health insurance. So far, I have paid it for quite a few years and am still going to pay for it since my school pays the most part of it. Why not? Thanks for your nice discussion.