Here’s the reality: The cost of medical expenses, including hospitalization, meds, and other out-of-pocket fees, can easily eat up your wealth faster than you make it.
Here, we share some proactive measures you can take to safeguard your finances (and avoid going into debt!) should a health emergency arise.
Crisis-proof your finances—especially from medical emergencies—with our five-part strategy.
Tip #1: Set up an emergency fund.
One of the most important aspects of a sound financial strategy is having an emergency fund to cover unexpected expenses that life throws your way. If you can, set up a separate health fund with the primary purpose of taking care of medical expenses.
Tip #2: Take advantage of preventive care.
You know what they say: Prevention is better than cure. Lower your risk for illness by living a healthy lifestyle: eating a balanced diet, exercising regularly, taking your vitamins, and avoiding unhealthy habits.
Tip #3: Get regular checkups.
Don’t underestimate the benefits of getting annual physicals, immunizations, and screenings. Aside from making sure everything’s well, being able to detect illnesses early can save you from more serious consequences—and serious bills.
Tip #4: Secure a reliable HMO provider.
Look for a provider that is accredited in all top hospitals and gives you the option to choose your own doctor. If you already have one courtesy of employer, make sure to review your coverage and take advantage of preventive services, like screenings and basic tests.
Also advantageous: Securing global coverage that allows you to enjoy healthcare anywhere in the world. Message us to know more.
Tip #5: Insure your health — and your family’s.
As with all types of insurance, the premiums go higher as you get older. So aside from securing one for yourself, it’s really ideal that you get insurance for your children while they’re young. Fortunately, some health plans now have a feature that allows individuals to add a co-insure to the same plan, ensuring protection for their children now and in the future.
You can message us to know more.
Visit our Facebook page for more info.