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How to save for Medical Expenses

How to save for Medical Expenses

Everyone gets sick, but paying the bills from a hospital visit is something that few people can afford. Even with health insurance, it can be hard to come up with the funds for co-pays, expenses, and missed work. For this reason, the number one reason for declaring bankruptcy in the United States is medical debt. Rather than live in fear of racking up medical debt, however, there are ways to save in advance. Try some of these suggestions. 

  1. Pick up an extra job. While you might be able to find work stocking shelves or watching a store in the middle of the night, you’ll probably be a lot more successful if you just sell the skills you have. Offer to help people with landscaping, babysitting, or housekeeping. Save the money you make in an emergency fund.
  2. Try debt consolidation. If you’re spending a lot of money on debt, then you may want to consider this. Debt consolidation loans group all of your existing debt together into a single loan with a lower interest rate. You’ll pay less every month, freeing up cash to save for the future or pay off your existing medical bills. If you already have medical debt, it can be included in a debt consolidation loan. That will reduce the amount that you have to pay on it every month, and free up some cash for other bills.
  3. Lower your utility bills. Read everything you can about how to reduce the amount that you spend on electricity, gas, and water, then start implementing the changes. Also look for deals on switching cable providers, reducing your cell phone bill, and eliminating your internet bills.
  4. Shop around for new insurance. Thanks to the Affordable Care Act, there are a lot more options for health insurance available to everyone. Many people have discovered that their state offers better health care plans that their employer does. Still others have discovered that it is cheaper for them to pay a higher premium in order to have more expenses covered than pay for everything out of pocket.
  5. Sign up for a health discount plan. Many doctor’s offices, hospitals, and pharmacies offer these programs as a way of encouraging cash-only patients to come to their facility. Ask about them the next time you’re at the office.

About Author: Debt Help Desk

There are tons of sites and articles about getting out of debt. We are different because we are not a site owned or operated by an actual debt relief company. No bias. Our agenda is to help people make smart debt relief decisions- Now let’s help you.

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