Avoiding Money Worries During a Health Crisis
A Quick Guide For Those Who Aim to Be Prepared
Here at Madison and Monroe, we frequently work with people who accumulated debt through healthcare costs. In fact, medical debt is one of the most common causes of financial insolvency in the United States ‐‐ and because it is almost always unplanned for, its effects can be particularly devastating.
Factor in the additional hardship that many people have trouble maintaining regular employment during a health crisis, and it is easy to see why so many people end up in complicated financial situations due to illness or injury.
In this article, we have compiled a quick guide outlining simple steps that people can take in preparation of a health crisis, during a health crisis, and in the aftermath of a health crisis in order to protect their personal wealth and the wealth of their family. In an ideal world, perhaps you will never need to utilize the following advice ‐‐ but regardless, reviewing it now may come in handy at another moment in your life.
Before Illness or Injury
- 1. Build a Rainy Day Fund. This can help you avoid taking out medical loans or otherwise accumulating debt. Healthcare decisions are always a bit easier to make when money doesn’t need to be a deciding factor.
- 2. Participate in an Insurance Program. Whether through your employer or independently, this is an expense you will be glad you made when the moment to pursue health care arrives.
- 3. Live a Healthy Lifestyle. Being in good shape improves treatment times, outcomes, and many other aspects of personal healthcare ‐‐ so eating right and exercising are actually wonderful investments of your time in more ways than one.
During Illness or Injury
- 1. Speak with Your Employer. If you go on leave or work part time rather than quitting your job, then you should consider that option.
- 2. Research Entitlements. You may be entitled to a paycheck from the government. You pay your taxes and participate in society, so why not take advantage of this benefit that is rightfully yours?
After Illness or Injury
- 1. Prioritize Debts Via Snowball or Avalanche Methods. If you find yourself in debt after treatment, then these are the best methods of paying down your debt in an effective manner.
- 2. If Getting Out Of Debt Appears Impossible, Seek Assistance. Visit Madison and Monroe, online today to learn more about effective get out of debt programs in your area.