If you had to guess, what would you suppose is the biggest cause of personal bankruptcy? Most people would assume that it’s credit card debt, or perhaps a huge mortgage. However, a study done at Harvard University found that 62% of personal bankruptcies were caused by medical bills, making healthcare the biggest culprit by far. According to a poll by NPR, over a quarter of Americans report that healthcare costs have taken a major toll on their family’s financial situation.
Healthcare expenses can quickly cripple your finances, even if you consider your affairs in good order. Something as simple as an appendectomy costs, on average, $33,000. And if you think that having health insurance will spare you the financial difficulties of hospital bills, consider this: the same Harvard study mentioned above also found that nearly 80% of those who filed bankruptcy due to medical bills had health insurance. There’s no guarantee that health insurance will keep health problems from wrecking your finances.
For this reason, we consider effective health insurance an important part of our consultation services as we try to help individuals just like you set up a feasible financial plan for their future. Finding the right plan for you will help your finances stay stable whatever obstacles are thrown your way.
Understanding Changing Healthcare Guidelines
As we all know, healthcare can be a highly-charged political discussion. However, with all the changing policy and confusion, many of us are just left wondering what we actually need to do to keep in compliance with the law. An experienced financial consultant from our team can sit down with you to determine what you need to have in place, and how you can best use government programs that are available to maximize your coverage and minimize your costs.
Having served the Utah community for years, we understand the particular needs of families in the area, as well as the resources that are available.
Finding a Personalized Healthcare Solution for You
Each person is different, and so is every family. You might have health insurance through your employer, or you might not. For those who are self-employed, who work at a small business, or who work part-time, health insurance coverage is often something you have to figure out alone. However, it can be such a confusing realm that you might feel doubtful about whether or not the coverage will be there for you when upi need it.
One thing is certain: health insurance is not a one-size-fits-all situation. We can help you determine the best plan and policy for your needs, your family, and your budget.
Managing Medical Debt
If you’re able to plan ahead of time to prevent medical debt, you’re in a good place. However, if you’re turning to a financial planner because you’re already struggling in the deep end of medical debt, we can help with that too.
We’ll help you consolidate your medical debts, halt those calls from debt collectors, and set up a feasible plan to help you pay off those invoices without incurring late fees. Whether it’s a matter of setting up one-on-one agreements with your medical care provider(s) or utilizing bankruptcy law in order to get things squared away, we’ll be there for you to navigate the process and get things back under control.