Did you know that almost half of those who declare and file their bankruptcy suffered from an injury or illness? Many are bankrupted simply because they were not able to arrange and pay for their medical bills. This issue cannot be neglected anymore.
However, understanding that medical bankruptcy is not an option will help you realize how important it is to avoid. In fact, there are many ways to make sure you don’t find yourself bankrupt due to medical bills.
Keep in mind that filing for bankruptcy will eventually destroy your credit score and it will affect your borrowing power. Because medical bills are usually unexpected, it is wise to try to keep a cushion in case of emergencies. Here are a few tips to keep you out of medical bankruptcy.
1. Have Proper Insurance and Know the Policies
In the United States alone, most people do not have proper medical insurance. This is a big reason why there are a lot who have filed for medical bankruptcy. Get the best insurance you can. This can greatly reduce the odds of having to file for bankruptcy… simply being prepared! Also, know the policies of the insurance company and learn to abide them. Failure to abide to any policy can often times cost you extra fees later on.
2. Opt for Using Cash When Paying for Your Medical Expenses
Note that paying with your credit card means paying all the interest that comes along with it. Put in mind that it is illegal to deny emergency care for your inability to pay. You can always talk to your friends, doctor, nurse or any other medical practitioner that might help you manage your medical finances.
Also, remember that there is always plenty of time to prepare for a medical procedure if you already know that one is coming. During this time, you can always raise some money. You can sell things, cut your own costs and probably save a large chunk of your income to cover an upcoming medical cost.
3. Do Your Own Research
When you already know what procedures you need, or what surgeries are to be done, do your own research and canvass for these procedures in different hospitals. Although you might feel comfortable with the first hospital you visit, it still pays to compare the different rates and go for the ones that suit your needs – both medically and financially.
4. Live Healthy
One of the best and easiest ways to avoid medical bankruptcy is living healthy. Having a strong foundation of a healthy mind, body and lifestyle will prevent many medical emergencies. Taking care of our health is the best gift we could give to our families and ourselves.
Have you already experienced medical bankruptcy? How you were able to deal with it and what are some tips you can share with us? Or, how do you make sure to avoid it? Write your comments!