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Dear Reader,

While it may be a difficult topic to think about, we should all be preparing our finances for a medical emergency.  Anything can happen, and even those with insurance can be left with huge medical bills and no way to pay them off.

Medical bills are the number one cause of bankruptcies in the United States. A recent study from academic researchers found that 66.5% of all bankruptcies were tied to medical issues. An estimated 530,000 families in the U.S. turn to bankruptcy each year because of medical issues and bills, the research found. Those statistics are mind-blowing! Both the high costs for care and the time off work played a role in peoples’ decisions to file bankruptcy in order to eliminate their medical debt burden.

There is a way to protect yourself and your wealth from these unexpected and expensive bills.  The most obvious way is to keep a bit of money stashed away in the bank.  Call it a “rainy day fund” if you’d like, but it’s important to never touch it unless you must. The main benefit of having the cash to pay is twofold: you’ll pay it off immediately without having to accumulate interest and you can negotiate the bill with the hospital.

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That’s right! Most don’t know that you can negotiate your medical bill! If you are not in a position of paying cash, you could talk to the hospital and work out payments, but that’s just debt – another liability. Why not negotiate the whole bill lower to begin with and then work on a repayment plan?  Hospitals are usually willing to lower the bill, especially if they know that by doing so, they will get paid in full. This can be an especially important piece of information for those who are uninsured.

Also, keep in mind that medical bills come with low or no interest if you have no choice but to set up payments.  That said, it’s rarely in your best interest to transfer this debt to a credit card or take out a personal loan to cover these expenses, as this is just moving around the liability. If you have a 0% interest credit card and can pay the entire balance of the medical expense off before the rates kick in, it might be the only instance in which this could be an option. However, if you’re in any doubt at all about whether you’ll be able to repay in time, I suggest taking the time to negotiate.

Having cash or the ability to write a check and be done with the bill will play in your favor. Start chucking a little bit of your income into a high-yield savings account and prepare yourself for the worst. You can add extra money to your emergency fund or start an entirely new account, it’s up to you. And don’t forget to negotiate! I know someone who got 15% off her daughter’s braces for paying in cash up front for the entire service after negotiating the price lower!

The point is that medical expenses don’t have to be a personal wealth killer or bankruptcy-inducing event. Just remember that the wealthy plan for the future and the poor plan for Friday night. Which one are you?

Best Regards,

James Davis
FutureMoneyTrends.com

 

93% Of Investors Generate Annual Returns, Which Barely Beat Inflation.

Wealth Education and Investment Principles Are Hidden From Public Database On Purpose!

Build The Knowledge Base To Set Yourself Up For A Wealthy Retirement and Leverage The Relationships We Are Forming With Proven Small-Cap Management Teams To Hit Grand-Slams!

Legal Notice:

This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. We have been paid two hundred and fifty thousand dollars for a three month marketing agreement. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.

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