Just when things seem to be going great, a major event happens that can really take a bit out of your family budget. It is one thing to be prepared for this and to be able to weather the storm, but it is another ting to be caught totally off guard. Look at these four tips to learn how to survive the financial firestorms created by medical emergencies:
Conduct an Annual Health Insurance Checkup
One way to get through a medical emergency is to have adequate insurance to help pay for much of the cost associated with treatment and needed rehabilitation. However, this can only happen if you maintain such a policy and make sure the premiums are paid up and current. You will want to do an annual checkup on your policy to make sure that it is still a plan that benefits you and your family, and one that will provide the best coverage in the event of a medical emergency.
Open Up a Health Savings Account
Assuming one is available to you, make sure you open up and contribute regularly to a health savings account. This can really be a lifesaver in the event that a medical emergency occurs, as the money will already be in there ready for you to spend, tax free. In the event that a medical emergency never arises, and that is what we hope for of course, you can always withdraw the money at a later date.
Consult with a Personal Injury Attorney
If a medical emergency occurs because of a personal injury, it is important that you consult with a personal injury attorney as soon as you are able to. A lawyer is able to help get you any financial compensation that you are entitled to. A law firm can also negotiate settlements with insurance companies and work out payment arrangements with doctor’s, so you are free to focus on your recovery.
Maintain an Adequate Emergency Fund
It is important to maintain an emergency fund in the bank that helps to take care of those major issues that life throws at us from time to time. If a major medical issue strikes you or a member of your family, you will be prepared with the means to take care of it. It is this type of peace of mind that you will be priceless in the end.
If you can follow these four tips, you will be well on your way to surviving, from a financial point of view, most any medical emergency that comes your way. This will go a long way ways towards providing you with the peace of mind that you need to focus on your recovery. This is, after all, the most important thing during such a traumatic time.
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- Joseph J. Mistovich, Keith J. Karren
- Publisher: Pearson
- Edition no. 11 (05/07/2018)
- Bruce H. Joffe
- New Generation Publishing
- Kindle Edition
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
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