Today is Money Monday, and I am taking a look at health care cost. If you are sick, and cannot work, you are still responsible for your bills. You might have disability insurance to help cover some of the bills, but most insurance companies will not give you 100 % of your paycheck for disability benefits. If you do not have a savings account, investments, or good credit, you will be in debt. Getting sick can kill your budget. What are some ways that can help you can save your budget when you are out sick?
I recently was sick, and my savings account saved me. Now, I did not have millions or six figures in the bank, but my savings kept my utilities, rent, and credit card bills paid. But I had to scrap up money for food, gas, and other purchases. I just recovered from being sick, so it was months of paying one bill by robbing another bill. I am so glad that is over, and I realized that many people have this problem every day. Here are some tips to help you survive health care cost.
First maintain good health, so you will not accumulate high health care costs. Make sure that you get yearly physicals. If health problems are detected early, you will have a better chance to cure it, and your bills are lower.
Another tip is to make sure that you put healthcare costs in your budget. Your monthly premium is supposed to be a part of your budget, but what about other costs that are related to health care. It could be tests, x-rays, or co pays. You can consult health care professionals about any costs that you might occur. For example, if you are diabetic, you will have monthly costs for medicine and supplies. You can save money by doing research, and this will help you to balance your budget.
Lastly, make sure that you have money in the bank to cover the cost that disability insurance do not cover. Most insurance companies will not pay any disability benefits for the first two weeks that you are out of work. The benefits payments are only 60 to 80 percent of your paycheck. You will need to have at least two weeks pay and 40% of your paycheck in your bank.
I am not saying that these steps will make you rich, but they will help you survive the cost of being sick.
For more information read: http://blog.moneymatters.com/healthy-body-healthy-pocketbook