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3 Tips For Preparing Financially For A Medical Procedure

  • July 10, 2019

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While no one wants to have to forgo a medical procedure or medical attention due to their financial restraints, there are many people who have to be very careful about getting medical care just for this reason. 

If some kind of emergency takes place, you’re essentially just saddled with whatever needs to be done for you. But if you’ve got a planned medical procedure on the books, whether it’s for some type of elective or cosmetic surgery or even if you’re planning on having a new baby, there are things you can do to help prepare yourself for the costs.

To show you how this can be done, here are three tips for preparing financially for a medical procedure. 

Get The Best Insurance For You

If you can plan this medical procedure about a year in advance, you might be able to take a look at all of your insurance options and consider changing what you have to a plan that will better match what you’ll be taking on the next year.

According to Stephanie Walden, a contributor to USA Today, certain medical insurance plans will cover more medical procedures than others. The trick here is determining if the higher premiums of these plans will be worth it for you in the long run or if you’d be better off financially just picking up the rest of the bill yourself. The answer you go with will depend on what procedure you’re having done, what your financial situation is, and what insurance options you have available to you. 

Start Padding Your Emergency Fund

One of the smartest things you can do for your financial future is to have an emergency fund that you constantly funnel money into. If you have these funds available to you, you can use them for whatever financial issue comes up, including paying for medical procedures. 

Whether you’re wanting to get a medical procedure done soon or are just hoping to be prepared in the event that something happens in the future, Elizabeth Renter, a contributor to NerdWallet, recommends that you try to maintain enough money in your emergency fund to pay at three to six month’s worth of expenses. This can put a big dent in a medical bill if you’re needing financial assistance. 

Live Off Of Budget Plan B For A While

For many people, they try to create a budget that they can comfortably live within. Because of this, there’s usually space in the budget where you can cut back and limit certain expenses. And if you’re planning to spend a decent amount of money on medical procedures, sticking to a more pared down version of your budget might be a good idea.

To help you save a lot of money, or reallocate money to a different purpose, Miriam Caldwell, a contributor to The Balance, suggests that you create a Plan B budget and live off that for a while so you can save money to pay down your medical expenses. 


If you have a medical procedure coming up, consider using the tips mentioned above to help you financially prepare for this event.