Medical bills and poor or declining health are among the top reasons people struggle financially in the US. In fact, medical expenses are the number one reason why people in the US go bankrupt. Add to this not being able to work due to a health condition or illness, and it doesn’t take an expert to see how much you will struggle with day to day expenses and living costs.
Not everyone is afforded the luxury of all-inclusive or even generous health coverage, and many people are left facing financial ruin due to not having a trip to the emergency room, never mind dealing with the ongoing cost of treatment for cancer or health conditions such as getting insulin for type 1 diabetes.
Planning Your Finances for The Future
Have you ever considered what will happen if you cannot work due to a health condition or a prognosis for mesothelioma for you or a loved one?
Sadly, the bills won’t pay themselves, and not everyone will qualify for government assistance or help with healthcare costs. Around 44 million people in the US have no healthcare coverage, and around 38 million people have inadequate health care costs. HFE offer a wide range of personal training courses and professional development courses to give you an edge over competition.
Being able to avoid becoming destitute due to needing healthcare, did you know the average cost of cancer treatment is $150,000 and is around four times higher than the treatments? Financial planning is a must.
Even if you have decided not to contribute to a 401k, having some sort of life savings or insurance policy in place for a rainy day is vital.
Even putting a small amount of money away each payday can build into substantial savings over time if you can avoid dipping into them. Saving just $100 per month will give you $6,000 after 5 years, and while this isn’t a substantial amount, if you are unable to work, this could be the difference between paying your rent or becoming homeless. Breathing space to allow yourself to get treatment or recover from an accident thanks to even small savings will be a lifesaver in an emergency.
Critical illness insurance can pay for expenses that traditional insurance does not cover. Benefits include being able to use payouts for medical care, expenses, and living costs, which aren’t allowed under typical health insurance plans. The funds can also be used for non-medical expenses associated with the sickness, such as transportation and child care. In most cases, the insured will get a lump sum payment to cover these expenses. Depending on your policy, you could be eligible for anywhere from a few thousand dollars to $100,000 in coverage. Many factors influence policy pricing, including the amount and scope of coverage, the insured’s sex, age, health, and family medical history. Be aware that many covers have exclusions, including some types of cancer, and chronic illnesses are typically not covered.
Another option is to look at income protection policies. The cost of your policy is deducted from your wages and can typically reimburse you 50-70% of your income for a wide range of reasons if you are injured at work or unable to work. Like with other insurance policies, check the small prints to know what you are paying and what type of payouts are available to you should you need to claim.