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A Medical Emergency Could Ruin Your Financial Security

Apr 1, 2019Lifestyle

Young or old, fit or healthy, the truth of the matter is that anyone can experience a medical, or health problem regardless of their age or level of fitness. Sadly, getting treatment for such issues can put your finances in a precarious position, especially if you aren’t insured. Luckily, in our post below you can find some information on how not to wreck your finances, while you get back on your feet, even if you do suffer a medical emergency.

1.  Prevention is better than a cure

Of course, prevention is better than cure, and we aren’t just talking about eating healthy and getting some regular exercise here. In fact, the best preventive action you can take that will stop you getting in trouble finally if you have a medical issue is to make sure that you have good insurance.

Yes, it will cost you each month and can be frustrating when you feel you currently don’t need it. However, with the price of medical care being so high, what you pay in is usually an excellent investment when you do find yourself in a situation that requires it. Something that we are all bound to do sooner or later in life! To that end, it’s best to try and avoid getting into medical debt in the first place by taking out a medical insurance policy.

2. Using compensation to pay them off

The next method of dealing with medical bills before they ruin your financial security is to claim compensation for the problem you are experiencing if wasn’t your fault. In fact, there are a wealth of personal injury and medical malpractice lawyers out there that can help you do this.

Also, remember that even if your compensation claim results in an annuity, it is possible to sell structured settlements like these and release a more substantial proportion of their value instantly. These funds can then be used to pay off the entirety or majority of any medical debt. Something that can help you prevent a medical emergency ruining your financial security, and also help you to live debt free while getting the treatment you need to heal.

3. Treat medical debts like a credit card

Usually, when it comes to medical bills, you can get credit from the institution that takes care of you. This solution being the one that works best for the people that desperately need the treatment, but have no other financial strategies to pay for it.  

Of course, just like any other type of credit, not dealing with it correctly can ruin your financial security. What that means is you will need to pay at least the minimum payment online each month and pay off extra if you can as this will lower the total amount of interest you will be charged.

In fact, it is often worth shopping around when it comes to credit providers for medical treatment, because you may be better off putting the costs of your care on a 0% credit card than going with the in-house loan. Remember anything you can do to keep your overall cost down will help you protect your financial security in the future.

How do you prepare for medical emergencies?  Comment below!

Best,

[a contributed post]

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