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Can being cheap sometimes cost you big bucks?

For instance, while a lot of people think, "I'm healthy, I'm fit; I don't need to spend extra money on health insurance," Jarvis told co-anchor Chris Wragge that's a surefire way to really go broke.

"It's a huge mistake," she said, "and it can certainly make you broke if you get into an accident, or if you have an unexpected illness. So, what we recommend is catastrophic or high deductible coverage. This is coverage for healthy people. You're not necessarily going to get paid for every time you go to the doctor. But in the event of an emergency, you will be covered."

Jarvis gave other valuable suggestions involving life insurance, filing tax returns and automobile maintenance -- areas in which being penny-wise could wind up being pound-foolish:


Asked by tasches at 6:05 PM on Mar. 3, 2011 in Money & Work

Level 48 (298,202 Credits)
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Answers (4)
  • Thanks for the info. Being cheap can cost you big time in other areas as well! Just a thought. lol

    Answer by lovingmy4babies at 6:19 PM on Mar. 3, 2011

  • I was just going to say- going with out insurance to save money is a big no no.

    What about eating ramen only to save on food? That might save you money in the sort term- but in the long run, it would probably cost you your health.

    Answer by Erica_Smerica at 8:13 PM on Mar. 3, 2011

  • whats the question?

    Answer by Anonymous at 6:07 PM on Mar. 3, 2011

  • LOL!!! no question, just informational. I saw it on the early show.

    Answer by cailynsmommy626 at 6:14 PM on Mar. 3, 2011