Emergencies are the worst. They crop into your life unannounced, and suddenly you’re overwhelmed, frightened, perplexed, and trying to focus on immediate health issues, while a long list of bills stacks up in the background.

If you’ve ever faced an emergency scare without being financially prepared, you must know how distressing and disorienting it can be. 

Since medical emergencies rarely give you a heads-up, you must at least be financially ready to take it on if that time does come. 

Here’s how you can take smart steps to protect yourself and your family from the financial shock. 

Build an Emergency Fund for Medical Crisis

You don’t need to have 6 figures in your bank account to create an emergency fund. You can set it up by dedicating a portion each month. But you must know that this is not like saving for vacations or a new PS5; this is a buffer to keep you sane during an emergency. 

Start by aiming for $500 to $1000. This amount can usually cover an ER visit, a surprise prescription, or a sudden specialist appointment. It is even better if you can grow that fund over time to cover a 3 to 6-month expense.

Get Your Health Insurance

Even if you’re young and healthy, accidents happen and recovery is expensive.

Make preparations to save yourself from future regrets. An accident, chronic disease, or infection can cause thousands and even tens of thousands to be treated. 

In such unfortunate cases, a private health insurance can be your lifesaver. 

Unlike public systems that leave you waiting for weeks or even months for specialist care, private health insurance offers you faster access to treatment, more provider options, and even broader coverage of diverse services like mental health, dental, and physiotherapy. 

Make sure to check out what the insurance includes before deciding to sign up for one.

When reviewing a policy, always check:

• Deductibles and copayments
  
• ER and ambulance coverage
  
• Post-surgery care
  
• Prescription coverage

Don’t wait until you’re in the ER to find out what your insurance is covering.

Understand Hidden Medical Care Costs

Medical check-ups are extremely expensive. Every step you take can cost you a specific amount. Even if you want to quickly visit a doctor, there are doctor’s fees, lab test costs, scan charges to diagnose the illness, medication, and follow-up appointments. And if surgery is involved or you’re hospitalized for any reason, expect a stack of bills awaiting you at the reception. 

Since common surprise expenses may include:

• Emergency room co-pays
• Specialist consultations
• Ambulance rides 
• Imaging like MRI or CT scans
• Medical equipment or prescriptions.

Explore Supplemental Insurance Options

Even the highly covered insurance policies may leave gaps, which makes it a wise decision if you look into supplemental plans. These may include:

• Critical illness insurance
• Accident insurance
• Hospital indemnity insurance. 

These policies can pay you directly to cover medical costs and even everyday expenses if you’re diagnosed with a serious condition or hospitalized. 

If you’re not sure where to find them, Rehab seekers can help you explore best supplemental insurance options, and understand what’s covered. This type of insurance options are often affordable and can make a huge difference in covering more serious medical events. 

Keep Your Medical Documents Organized

Emergencies are chaotic enough, and the last thing you want is to waste time on finding your insurance card, trying to search your previous medical prescriptions, or frantically skimming through emails for your medical reports.

You should make a health folder, both in digital and physical formats, which should include the following:

• Copies of your health insurance card(s)
• A list of previous medications and allergies (if any)
• Contact info for doctors and emergency contacts.
• Previous medical reports in the case history. 
• Advance care directives or power of attorney, if applicable. 

Handing this on to the hospital will help you get quicker treatment and reduce costly mistakes. 

Share Your Plan with Your Family

You must ensure that your closest people know how to access your medical documents if you’re unfortunately rushed to the hospital. 

I know it’s uncomfortable to talk about these things, but these are for your own best. Having a plan not only gives you peace of mind but might also prove to be a lifesaver. 

Sit down with your family and go over:

• Who your preferred providers are
• Where to find key documents
• What you want (and don’t want) in terms of care
• How to access your financial resources if you’re incapacitated

Use Technology to Stay Informed

There are several apps now that track your health, help you manage medications, store insurance info, and also monitor your medical expenses. 

Some best options include:

• GoodRx: ideal for discounts on prescription.
• Zocdoc: helps to book doctors quickly.
• Mint or YNAB keeps a track of your medical emergency fund.

Final Thoughts

You can’t always defy fate or stop any medical emergencies from happening, but you can certainly control how you’ll face them financially. 

By creating a small emergency fund, you can prepare for any unforeseen emergencies with more confidence and less panic. 

Start preparing now to save regrets later on.

Reference Links:

https://rehabseekers.com/

How Health Insurance Works – USA.gov

Managing Medical Bills – NCBI Resource

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