There are a lot of people who are put into debt by ridiculously large, and often unexplained and unexpected, medical bills. What's worse is that these large medical bills can target anyone, from the insanely rich to the extremely impoverished. Here are some reasons why you should be more wary about the rising cost of different health care services.
According to an article from Forbes, the first reason is the blatant ridiculous amount of money needed to maintain an emergency fund. As of writing this report, the cost of this buffer is roughly $1,000 USD, which by all means is pretty difficult to come up with especially if income is a bit slow. Not having this emergency fund could spell debt and high interest rates if ever you avail of a health-related service.
Next is the lack of people taking advantage of rebates and co-pay cards. A number of drug companies may offer these to get people to try out their products and services. People's reliance on debit and credit cards is also risky, as it may result in amassing debt due to interest rates.
Another problem is that not a lot of people take advantage of preventive care measures. Not having an illness in the first place is definitely a whole lot cheaper than having to get treatment for the particular illness. People also let their insurance plan be, which is a problem, because if this is the case they will never know if there are insurance plans out there that much better suit their needs.
Finally, people should invest in disability insurance. This is a particularly affordable type of insurance and one that has many benefits. A lot of experts advice people to invest in this as we never know what could happen to our health in an instant.
