Emergencies are the worst. They drop into your life uninformed, and you’re left overwhelmed, frightened, perplexed, and trying to focus on immediate health issues, only to be struck by a myriad of bills. 

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. So, start preparing now. 

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

Build an Emergency Fund

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. 

You can 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

Don’t rely on your luck since it can run out at any time. Even if you’re young and healthy, life may throw you off guard in an instant.  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. You must ensure the deductible and copayment amounts and confirm if your policy covers ambulance charges, emergency room visits, post-operative care, and more. 

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, accident, or 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. 

These supplemental 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. 

Leave Your Medical Documents 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

Final Thoughts

As humans, you may not have the capacity to defy fate or stop any medical emergencies from happening, but you can certainly stop them from wrecking your finances. By creating a small emergency fund or getting insurance, you can prepare for any unforeseen emergencies with more confidence and less panic. 

Start preparing now to save regrets later on.

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