When it comes to surprises, most people prefer the good kind instead of the bad kind. Rarely is that truer than when a surprise comes in the form of an unplanned medical expense from an unexpected health issue.
Chances are you exercise regularly and take an active role in saving and planning for your future. Few life events, however, can sideswipe the best-laid wealth and health plans like an unexpected medical event and the resulting costs.
Even if you’re insured, you can easily find yourself saddled with out-of-pocket medical expenses that can range from a few hundred dollars to a few hundred thousand dollars. According to a 2016 Kaiser Family Foundation/New York Times survey, “one in five working-age Americans with health insurance report problems paying medical bills.” This same study tells us of the insured Americans who have incurred medical bill problems, 63% of them used most or all of their savings to pay medical bills.
While developing and sticking to an exercise and savings regimen can help keep your body and bottom line healthy, it’s important to educate yourself on what to do if you incur unexpected medical debt. There’s a lot you can do to protect yourself and your wealth including:
- Medical debt and retirement planning.
- Emergency plans.
- Cost-conscious behaviors.
Read more about key steps to take to protect yourself and recover from medical debt.
Have you already experienced medical debt? What steps did you take to recover? What did you learn about protecting your wealth?
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