Do You Have Enough Money Saved for a Medical Emergency?

You can’t put a price on a clean bill of health. Yet, the sad truth is that medical bills contribute to a huge amount of debt on the national level. Indeed, around 137 million Americans face financial hardship in a single year as a result of costs associated with medical treatments. Consider, for instance, that the average hospital stay costs upward of $10,000 and you’ll begin to see why.

While it’s certainly not fun to think about the possibility of a medical emergency, it’s crucial for everyone to understand if they have enough money saved to deal with a huge unforeseen problem. Thankfully, today we’ll explain everything you need to know on the subject.

Read also: 5 costs you can cut to save money

Cost of Prescription Drugs

Before we start talking about insurance, it’s important to establish that prescription drugs are extremely costly. For reference, the average American pays $1,200 on prescription drugs every year. That figure is more than any other first-world nation.

In addition, extortionist-level drug prices affect all sorts of people –– including those with insurance. Fourteen percent of people with coverage decided to skip a prescription drug dose simply because the cost was too high. This, in short, is why it’s crucial to have a rainy-day fund.

It’s worth noting that a rainy day fund should not replace insurance coverage. Still, it’s smart to have a significant chunk of capital available should an unexpected problem arise. You can use budgeting apps to help you manage a rainy-day fund that will work for you.

Getting Insurance Coverage

One of the best ways to prevent financial ruin as a result of medical problems is to have quality insurance coverage. The good news here is that many people are able to secure insurance through their employer. If you’re not employed, though, then it’s crucial to get health insurance on your own. Lastly, individuals with certain health risks or conditions should do everything possible to get insurance coverage that specifically addresses their unique health factors.

Preventative Care

All medical treatments cost money. Yet, getting a problem diagnosed and treated early is always preferable. Not only is this better for your overall health, but it will save you money in the long run as well. As such, don’t hesitate to visit screening centers, if need be. Remember, not all insurance providers cover preventative treatment, but it could be beneficial and financially advantageous all the same.

Final Thoughts

Though there is no magic dollar figure that everyone should try and set aside in case of a medical emergency, it is important to have a contingency plan together just in case. Thankfully, this post will help you get started doing just that!

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