Jackson, a 34-year-old, single, Caucasian man working as a real estate agent, never knew a medical emergency could hit him like this. He was doing very well professionally, not to mention earning a fortune. His spending habits were proper in sync with his earning potential.
He would wear expensive branded suits, shoes, and watches. He would eat in fancy restaurants and take a vacation in exotic places. Life was going well until he had an accident. He was coming back from a very successful open house when a drunk driver hit his car, severely injuring Jackson.
When he opened his eyes, he was in a full-body cast. It turns out he had lost a leg in the tragic accident. Before Jackson could recover from all of his physical and mental shocks, he learned his medical insurance would not cover any of his medical bills because he did not renew his insurance and was late by 14 days.
His parents bailed him from his situation and took him home. Within a month, Jackson went from a rich carefree man to a disabled, unemployed man living with his parents because his rental loans for bad credit were denied due to a lack of paperwork. Times can indeed change overnight.
Medical crises require an instant medical awareness. In medical emergencies, how you react could be the difference between life and death. You can do so by recognizing and responding to the warning signs of dangerous situations.
A medical emergency can strike at any time and affect anyone. It can occur at home, at stores, or in theatres. In a medical emergency, a person’s life is dependent on the fast thinking and presence of mind of those present in the proximity.
Every second matters, from calling 911 to the arrival of help. Most of the time, our lives are in the hands of strangers. Without expecting anything in return, a Good Samaritan offers immediate assistance or emergency treatment to someone in need.
Financial emergency, when it occurs, it affects on multiple levels. It hurts you emotionally, mentally, physically, and financially. When people don’t find money, they turn to loans from friends, family, or a lender.
Many Emergency cash immediately bad credit direct lender, on the plus side. However, these loans may come at a high-interest rate in case of bad credit as these are unsecured loans.
We humans always think of an emergency as something that happens to people, but they never imagine it could happen to them. “Ignorance is bliss”. But, can you ignore the chance of what of?
So, when it comes to Emergencies, health or otherwise, you must have some rules. Here I am with some golden rules of finances in case of a Medical Emergency.
It is my number one rule to have health insurance. It is like a layer of protection around you and your family. Thanks to Obamacare, now it is illegal for a person not to apply for any medical insurance.
Now I understand that it is difficult to obtain health insurance in the United States and to choose the correct insurance, you need to be extremely cautious and vigilant. You also need to have a sufficient balance in your account as it is expensive.
“The average monthly cost of health insurance in 2020 was $456 for an individual and $1,152 for a family” Source.
Sadly, the healthcare system in the United States does not cover the total population, unlike most developed nations. We do not have one national healthcare system. The United States relies heavily on voluntary taxes.
So, Folks get health insurance. Most companies provide health insurance as a benefit. Use it. If your employers do not provide you with one, buy one. Pick one carefully that covers these emergency healthcare expenses in your district.
And, Update and renew your insurance regularly. Emergencies do not wait.
My golden rule number two, have an emergency fund set up. Open an account dedicated to emergencies and deposit money regularly. It makes me mad that even in 2022; people are not saving for emergencies.
We faced COVID, wildfire, the nations are fighting, and markets are crashing. What more proof does one need to understand the importance of saving money? So,
“SET UP YOUR EMERGENCY FUND TODAY.”
Now, if your emergency fund has 2– 3 months’ worth of your salary, it is considered good. It will work as an umbrella that protects you from direct rain but will not protect you in storms.
If your emergency fund has money worth 4-5 months, it is much better to keep you safe and happy even in some big emergencies. But in my opinion, the best scenario is if you have money worth 6 months or above paid in your emergency fund.
I sincerely hope that you do not fall into any emergency. The emergency fund will be your shield and cover even very big expenses without becoming homeless.
Many banks provide you with special schemes for emergency funds. Use it to your advantage.
“Health is wealth!”
That’s right. So, never compromise your health. You must consider how taking care of health is under fiscal rule. Well, let me walk you through it.
If you plan to survive on chips, or other processed junk, be my guest. But if you are planning to replace these with a healthy alternative, check your wallet. In America, filling your refrigerator with healthy food will empty your pocket.
Healthy organic food is expensive, so it becomes a matter of finance. Also, staying healthy means an activity class. It could be gym, Yoga, Zumba, or any alternative you might like. The subscription to these classes online or offline is going to cost you.
Keeping yourself healthy has no alternatives. I am not asking you to make a gym body with toned muscles. Just maintain a healthy body mass index. Reduce sugar and oil consumption.
Increase cereals, vegetables, and fruits. Avoid red meats. And, of course, work out. A healthy body will keep chronic conditions like heart problems or hypertension away from you so you can avoid multiple health emergencies.
You see, people will go out. Buy labelled clothes and useless materials. We Americans are the biggest consumers, but we want to cut corners when it comes to safety features.
“it’s not important. Don’t overthink. Nothing will happen.”
This is what you mostly hear from people. Yes, cutting corners and saving money is a very good rule. You must follow it but not when it comes to safety features.
For instance, don’t go for the best model or colour when you buy a car. Look for the best safety features in your budget. Install smoke detectors, alarms, and all other security essentials at your home.
Always have a first aid box ready with usable products. Safety is no joke, and you must never take it lightly.
Did you know that Obamacare provides a subsidy to people with lower income on their medical insurance?
Also, did you know about “Financial Assistance Policy and Emergency Medical Care Policy – Section 501(r)(4)”, commonly known as FAP?
If your answer is yes! Very good, but if you do not know about either of them, learn now. These systems are put in place so the people of the USA can take advantage of them in case of a health emergency.
FAP is a boon for people in need. But it has its eligibility criteria. Learn about these in detail. Click here if you want to know the facts and need to use them.
Each discount, free care, or another level of assistance available under the FAP must specify the eligibility criteria, or it will be denied. You can apply for FAP through hospitals.
Teach yourself. The knowledge about these schemes can come in handy in some scenarios, or you might be able to help other people in need.
It is a small thing that I would like to tell you. Educate yourself about loans. Loans can be a belief saver during emergencies. Emergency installment loans no credit check can be beneficial when struggling with a health emergency and trying to save every penny.
In a medical emergency, a person’s life is dependent on the fast thinking and presence of mind of those present in the proximity. You can do so by recognizing and responding to the warning signs of dangerous situations.
A financial emergency, when it occurs, affects you emotionally, mentally, physically, and of course, financially. It is said that the healthcare system in the United States does not cover the entire population, unlike most developed nations.
Get health insurance that covers essential health checks and emergency expenses in your district. Emergencies do not wait, so have an emergency fund set up. Take great care of your health.
A healthy body will keep chronic conditions like heart problems or hypertension away from you so you can avoid multiple health emergencies. Learn about “Financial Assistance Policy and Emergency Medical Care Policy – Section 501(r) (4),” commonly known as FAP, and other assistance that government provides.