Monday, August 15, 2016, AM | Leave Comment
The Centers for Disease Control (CDC) calculated that there were 136 million visits to the emergency room in the United States in 2011.
That means about 44.5% of the population had some type of medical emergency during that time, and of those medical emergencies about 12% resulted in hospital admissions.
Health care is one of those issues that is always in the background.
While you can budget for monthly copays, you might forget about setting up a rainy day fund for medical emergencies.
Here are 4 tips for saving money for medical emergencies.
Cut Out One Coffee Latte
What is more important, having your daily café latte or your health? Of course, your café latte is. Just kidding.
Instead of upgrading to a more expensive dessert or beverage, you might want to invest the funds in your medical emergency fund.
This investment can pay great dividends over the long haul. Downsizing a few of these luxury items will allow you to save your money in a very inconspicuous fashion.
With your emergency hospital fund, you will be ready when misfortune strikes.
It really is amazing how much money you can save just by cutting out some of your regular small expenses.
Remember Extra Expenses
It is essential that you remember all of the extra expenses that can come with medical care. There are tons of other side expenses that you may not have thought of before. Those expenses could include medicine, at home care, or even legal help.
Medical care is super expensive so you need to be as prepared as possible. When you have a medical emergency it is a good idea to contact caring professionals such as those at a Boise Personal Injury Law Firm.
Places like this will fight for the financial compensation, you deserve allowing you to relax and recover, knowing that you are in good hands.
However, if this is an expense you haven’t previously thought about you may not have the means for it.
Round Up Groceries
When it comes to saving money for your medical care it is a good idea to practice rounding up some of your larger bills.
For example, if you round up your grocery bill to the nearest hundred you can subtract how much your groceries actually were and put all of the extra money in savings. That way you can always be contributing something.
With all the change you save, your change jar will be overflowing. Run on down to your bank and cash in this change. You can also ask about a tax-deductible health care savings account.
When you prepare ahead with some money in your medical account, you can pay your bills quickly. This will help you recover from your maladies faster. Saving all of your change can really add up fast!
You can’t predict the future, but according to the aforementioned CDC numbers, your chances of having some medical emergency in your life are actually quite high.
Families need to plan ahead. Save up with a medical emergency fund, so you can sleep better at night.
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing about personal finance and spending time with her dog, Max. Information credit to EZ Money, Cash Advance, Payday Loans, Payday Advance.