I am very happy to live in a place with universal medical insurance, so paying for medical care isn't something I typically worry about, other than things like rare expensive procedures like one I am contemplating doing. For many people, though, this isn't the case, and medical debt is one of the most common types of debt out there. That's why, if possible, if you plan ahead to cover your family's health care costs, you can hopefully help prevent falling into that unfortunate debt trap. Here are some ways you can do that.
Almost half of Americans find it difficult to pay for their healthcare costs and for those who are also responsible for children, it can be even harder. Looking after their family’s health is a top priority for any parent, however, coping with an unexpected trip to the emergency room, managing chronic conditions and even treating minor ailments can be expensive. While families on lower incomes can access help from government healthcare programs, paying medical costs can sometimes be a struggle for any family. Taking preventative measures to improve your family’s health, setting aside money for medical emergencies and taking out health insurance can help to keep you and your family healthy and prevent money worries from causing you any extra stress.
Covering the Costs of Surgical Interventions
While governments provide help to families on lower incomes who are struggling to meet healthcare costs, it’s important to make sure you’re enrolled if you think you are eligible. In the UK, all families benefit from a free national health service but in the US and Australia, federal insurance programs provide health coverage to some people with limited resources. Recent proposals for reforms in Australia aim to further improve affordable access to medical care by freezing the cost of medicines and providing better value clinics. Its Medicare program can help with the costs of seeing a doctor, obtaining medicines and cover most or all of the expense of surgical interventions that are deemed clinically appropriate. These might include surgeries such as the most common pediatric heart intervention, a VSD procedure that can help protect the health of you or your child for the future.
Preparing for Medical Emergencies
Even if you are on a strict budget, taking out health insurance for your family will save money in the long run, especially if any of you have ongoing health conditions and need regular treatment. A plan with higher premiums will cover more medical expenses but if money is tight you can save by paying lower monthly premiums for an insurance plan with a higher deductible. As well as paying for insurance, your employer may offer you the opportunity to put pre-tax money into a special health savings account which will help to cover your family’s medical expenses. Keeping some money aside anyway as a simple emergency fund for healthcare will also give you peace of mind.
Cutting The Costs of Routine Healthcare
Another way to cut your family’s longer-term medical expenses is to take up any opportunities to attend routine health screenings. This is because identifying and treating conditions early can significantly reduce healthcare costs. According to the US Centers for Disease Control and Prevention, early cancer diagnosis is associated with significantly lower costs than the treatment of late-stage diseases. If you have health insurance, you may not even need to pay copays, the fixed costs for specific health services that may include screenings, regular check ups or vaccinations. These preventative services can help to ensure you and your family avoid the development of medical conditions such as diabetes or high blood pressure and that you are protected from common but potentially serious diseases.
Looking after your family’s health is very important but it can also be very expensive. Attending regular checkups and screenings can help to cut costs through the early diagnosis of disease and the prevention of avoidable illnesses. If you are eligible for federal health programs, they can help with a range of treatments, surgeries and the management of chronic conditions. These can also be covered with appropriate medical insurance, while a savings account is useful for paying the bill for any unexpected medical emergencies.