Money Matters: 3 Tips to Recovering from Any Health Issue without Breaking the Bank
Thursday, February 15, 2018, 6:00 AM | Leave Comment
Health issues, whether chronic or emergency, can throw a monkey wrench into your financial plans.
Emergency health problems, in particular, can create major issues with your finances, leaving you scrambling to figure out how to pay for your health issue and still make sure your regular bills are paid.
How do you handle paying for a health crisis while staying on top of the rest of your debts?
Here are three tips to help you recover from any health issue without breaking the bank.
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Have a Financial Power of Attorney
The expense of a health crisis might not be your biggest problem in this situation. For a lot of people, while they are recovering from whatever their health issue is, forgetting or being unable to pay the bills is responsible for much of their financial problems.
Late fees, overdraft fees, and reconnection fees, combined with the original bill amount, can lead to a significant chunk of money being spent that wasn’t planned.
Giving a financial power of attorney to a trusted loved one or friend can prevent this problem.
You may not want to give them constant access to your finances, but you can give them a “durable” power of attorney that specifies that you will maintain financial control until a doctor determines that you are incapacitated, at which point the power of attorney takes effect and gives your agent (the person you named in the form) the authority to handle your finances until you recover.
This gives them the ability to not only pay your bills, but also to file your taxes, collect your Social Security benefits, and handle transactions with your brokerage or bank. Far beyond just keeping your bills paid, a financial power of attorney keeps your entire financial life running smoothly while you recover.
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Consider a Short-Term Loan
If your financial concerns stem from not having the money to pay the bills associated with your health issue, consider a payday loan.
These types of loans such as payday loans texas are usually quick, easy to apply and qualify for, and require no credit checks.
You can get #1000 or a little more, and with some lenders, you aren’t required to have direct deposit from your employer in order to be approved.
As long as you have a checking account, you can apply over the phone and be approved in as little as one minute. This makes it fast and simple at a time when you need to be focused on handling your health issues.
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Ask about Self-Pay or Cash-Pay Options
Many healthcare providers, from labs to doctors to hospitals and various therapists, accept most insurances. With insurance, they agree to take a specific amount as payment for the services rendered. This amount is what the insurance pays, and depending on the insurance, a copay paid by the patient.
When insurance doesn’t cover the expense, or only covers a certain percentage of it, many of these providers offer discounts for self-paying patients. But you have to ask in order to even know if there’s a discount, much less receive it.
Additionally, if you offer to pay in cash, rather than writing a check or paying with a card, you may get a discount (alone, or in addition to a discount for being self-pay). Again, you’ll have to ask, but asking can often get you a significant discount.
Alternatively, if you’re unable to afford to pay it all upfront, whether in cash or otherwise, don’t hesitate to ask about making a payment arrangement.
A health issue can throw your finances into crisis in a number of ways. A little planning and a few well-worded questions can help keep your head above water, so you can recover without worrying about your finances.
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Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise. Meghan also enjoys researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook and Twitter.
