When a medical emergency comes unannounced it depletes you of all your savings. You think you have good health insurance to cover the costs of medical bills. But sometimes, it seems too little. How then will you pay the hospital bills? Every plan goes haywire during a medical emergency and it puts you in a position to make hard choices about your finances.
One out of every five working-class Americans has trouble paying their medical expenditures. The uncertainty over the Affordable Care Act, rising-premiums, and out-of-pocket medical expenses leads to health-related financial crises and in many cases bankruptcy.
It may seem impossible to raise money during a medical emergency, but there are ways to be prepared or to raise money through medical fundraising to soften the blow.
Before starting the fundraising campaign, see if you can cover some of the expenses. Here are some of the things you can do to ensure you breathe easy when it comes to medical emergencies.
Set up a portion of your pay each month to utilize in the event of an emergency. The money will grow over time and you will be able to pay thousands of dollars in medical bills. Do not spend this money on anything else. If you are able to pay at least a part of the cost upfront, you can work out a payment plan with your medical providers.
If you have a High-Deductible Health Plan (HDHP), start a Health Savings Account (HSA) to cover some of the qualified medical expenses.
Medical bills may be confusing with a broad list of services. The insurer sends you an EOB (Explanation of Benefits) that outlines what was billed to them, what they have covered, and what you’ll have to pay out of pocket. Take some time to look into the actual costs of the treatments and what your insurance will cover. Examine the bill to see if there are any errors from the provider and insurer because you may find yourself overpaying for medical bills in an emergency.
Consult any of your family physicians to ensure that the medical professionals' recommended tests are truly essential. Negotiations are handled differently by various institutions and physicians. However, before and after treatments, always inquire about discounts. Given the stress you're under during an emergency, this might be a long and exhausting process. However, if you persevere, it may be worthwhile. You might also enlist the assistance of relatives and friends in negotiating with medical care providers.
There are professionals who assist you in saving money on your bills. Of course, you'll have to pay for their services, but if there's room for bargaining, it's worth it.
Do due diligence during an emergency. To discover what you're covered for, read your health insurance policy. Investigate the medical condition's expenses and procedures. Inquire about any tests that don't seem to be working. If an insurance claim has been denied, you can file an appeal if you believe it should be covered. Keep up to date on the processes and have your questions answered right away. When the invoices arrive, you may notice a difference as a result of your proactive participation in the therapy.
Online fundraising platforms allow people in financial distress to raise money for medical expenses through crowdfunding. Note that these fundraising campaigns are not a replacement for complete health insurance. They do, however, come in handy when you are in distress and can’t pay your medical bills.
Set up a medical fundraising campaign on any reputed online fundraising platform. Share it with your family and friends and urge them to tell their friends about it. Typically, in fundraising, one-third of the goal comes from family and friends, the second third fundraising comes from acquaintances and the last third comes from strangers who may have something in common with the patient or who are moved by empathy.
Word-of-mouth is crucial in fundraising campaigns. The more crowd you attract, the more likely you are to achieve your goal quickly. Of course, the online fundraising platform must be trustworthy. Make the campaign effective by consistently informing and updating the supporters. If your cause is real, it will elicit a great deal of understanding and compassion for your plight.
Fundraising would undoubtedly assist you in covering all the unforeseen expenditures that arise as a result of a medical emergency. But, if you don’t want to get to that point, start saving for an emergency fund right now.