When we think about the factors that can quickly derail our finances, healthcare certainly pops up as one of them. The cost of medical care has gotten so out of hand that Americans were forced to borrow a whopping $88 billion over the past year to pay for it, according to a just-released West Health-Gallup survey.
If you're in a position in which you would need to borrow money to cover a major medical bill or you're worried that such a bill would hurt your finances irreparably, then there are a few key steps you should take to avoid either fate. It's a far better bet than lying awake at night worrying about healthcare -- or, worse yet, putting off treatment because of money.
Additionally, see what deductibles you're on the hook for and understand what steps need to be taken to ensure that the services you need are covered. For example, your health plan might require that you obtain a referral each time you see a specialist or that you go through the process of getting precertified before certain tests or procedures.
Build your emergency fundThough routine medical care is something you should factor into your budget, sometimes major health issues can creep up out of the blue -- and having an emergency fund will help you avoid having to borrow money to pay for them.
RT. This is a STINGING CONDEMNATION of GOP plans to kick healthcare down road ... so they can destroy it later! And it is a confirmation of the fragility of healthcare in US, where medical bankruptcies exist. In EU and other developed countries that is NOT THE CASE! pbsnewshour