A financial adviser suggested that I consider buying medical insurance for my wife, even though she is covered through my employer-provided policy (and has no coverage of her own). The reasoning is that since I am 11 years older than my wife, I am likely to retire well before she is eligible for Medicare coverage. If before I retire she were to develop some condition under which she would become uninsurable, we would not be able to buy coverage for her unless she was already on an existing policy. Therefore it would be prudent to get her on a policy now so she’s sure to have coverage when I retire.
This does seem to make sense. But then it would seem to apply to everyone. If you develop a condition that makes you otherwise uninsurable and can no longer work, you would no longer have employer-provided medical insurance and couldn’t then buy alternate coverage. Even if you had long-term disability insurance, that only covers replacement of income. You would also need a medical policy, which you couldn’t buy unless you already had one.
So, should people buy additional medical coverage now to insure their own insurability later?