Follow Your Money: Insurance; Your Umbrella for a Rainy Day.

Issue 10: Health Insurance 101 + $20,000 in funding + Fully-Funded Trip to Qatar.

Hi friends,

Happy Tuesday. Welcome to Issue 10! 👋🏾

Yes, you read that right 😌. This is the 10th issue (how time flies! I know) and this week, we’re delving into the world of I.N.S.U.R.A.N.C.E. Lessgoo🚀🚀

INSURANCE
Issue 10: Your Umbrella for a Rainy Day

👉🏾Think of insurance as your umbrella for a rainy day. Don’t get me wrong 🙅🏾‍♂️; Your shoes will get wet 😩but your hair n head shall be protected. 🙂

The umbrella is not meant to cover your entire body and you definitely won’t need to use it every single day. 👌🏾

I know that you know that Insurance provides a safety net that protects you from unexpected events and helps you maintain financial stability during challenging times. ✨

As a student, there are a couple of umbrellas (sorry, insurance 😌) you should have for a rainy day.

👉🏾But today, let’s talk about your Health Insurance. 💫

Since your well-being is a top priority, having appropriate health coverage ensures access to quality medical care without breaking the bank. 👌🏾

👉🏾When it comes to health insurance, there are three things you need to know:✨

Premiums. Deductibles. Copayments 🎯💯

• Premiums 💯: Premiums are the membership fee you pay to have health insurance coverage.
  
  They are the monthly amount you contribute to your insurance plan, regardless of whether you use medical services or not. ✨
  
  

  👉🏾Note: Choosing a plan with a lower premium might save money upfront, but it could mean higher out-of-pocket costs when you need medical attention.🎯
  
  

• Deductible 💯: It is an annual amount that you need to reach before your insurance starts sharing the cost- a way for your insurance provider to be sure that you’re also putting in some effort. 🎯
  
  

• Copayment 💯: Every time you visit a healthcare provider or receive medical services, you'll be required to pay a copayment or "copay."

  
  It's a fixed fee, and the insurance covers the remaining cost. 🎯
  
  

  It is typically for things like a doctor's visit or a prescription 🤒.
  
  The purpose of a copay is to share the cost of the service between you & your insurance provider.🤝

👉🏾Okay, I didn’t mean for this to turn into Insurance 101. But as you include insurance into your budget, consider the three factors above. 👌🏾

Final takeaway 🤌🏾: Knowing your deductible amount helps you plan and budget for potential healthcare costs 💯.

It allows you to anticipate the expenses you'll need to cover before your insurance kicks in.👌🏾

RESOURCE LIBRARY

Scholarships💯

• The Initiative Southern Africa (INISA) is offering a funding opportunity of up to $3000 for Southern African students studying in Southern Africa. 🎯✨
  
  

• Fully-Funded Scholarship to Study in France (for South Africans only)💯💰

Opportunities

• Do you have an idea to revolutionize wellness? Pitch your idea at the 2023 Shark Tank of Wellness Global Student Competition 💯 + a fully funded trip to Doha Qatar. 🚀
  
  

• The ATLAS Corps is currently accepting applications for its fellowship and leadership programs. Apply here. ✨🎯
  
  

• Apply to receive up to $10,000 for the “We Are Together” International Prize- the deadline is July 20th. 💫
  
  

• Are you working on any open infrastructure? 🏋🏾 Apply for up to $25,000 from the IOI Infrastructure Fund💰
  

MONEY TRIVIA

Unscramble the letters to reveal a health insurance term: 🎯

• R E M I U M P S. Hint: It's a type of payment made for insurance coverage.🤔

• C _ _ _ _ _ _ _ _ _ _ Hint: Fixed amount you pay for a covered healthcare service.🤔

• If Peter has a health insurance plan with a copayment of 20% for specialist visits, how much will Peter need to pay to see a specialist whose fee is $200?🤔

TRIVIA ANSWERS 💯

Premiums. Copayments. $40

👉🏾That’s it for this week and finally, here’s our quote of the week. 👇🏾

If you fall, fall on your back. [Cause] if you can look up, you can get up.

-Les Brown.

Until next time,

Dulra ❤️
Founder/CEO, Dot.