As we go through life, we cannot predict every twist and turn that we may face. One of the unexpected events that can happen to anyone is a family medical emergency. Whether it is an accident, a severe illness, or a chronic health condition, such events can take a toll on both the patient and their family, emotionally as well as financially. Research by AccessOne discovered that 53% of families with children are afraid they might not be able to pay medical expenses. Mid-career employees most likely have families that depend on them, including children, aging parents, or siblings. Family medical emergencies can be unexpected and overwhelming, specifically those major medical bills that involve children. There are ways to manage such situations.
Build an Emergency Fund: The first step towards preparing for a family medical emergency is to build an emergency fund. An emergency fund is a buffer of savings that is used to cover unforeseen expenses like medical bills, car repairs, or home improvements. Experts suggest that an emergency fund should have at least three to six months’ worth of living expenses. You can start building your emergency fund by setting aside a portion of your monthly income. You can consider automating your savings by setting up a direct deposit of a fixed amount into a separate savings account.
Review the Insurance Coverage: Insurance is an essential tool to protect a family’s financial well-being from medical emergencies. Make sure you have the right insurance coverage for you and your family, including health insurance, disability insurance, life insurance, and long-term care insurance. Review the policy details to understand the deductibles, copays, and out-of-pocket expenses. Consider adding extra coverage if you feel it is necessary or speak with an insurance professional to get advice.
lan for the Worst-Case Scenario: Families with children face unique challenges when it comes to medical emergencies. Children may require specialized care, prolonged hospital stays, or expensive treatments, all of which can quickly add up to substantial medical bills. In such cases, it is crucial to plan for the worst-case scenario. You should discuss family medical history with your healthcare provider to understand the risks of hereditary diseases or chronic conditions. Prepare a list of emergency contacts, including pediatricians, specialists, and hospitals, and keep it in a visible place.
Stay Positive and Supportive: Above all, stay positive and supportive for those family members suffering from a medical emergency. Emotional support is vital during such trying times, and it can help loved ones to heal faster. Communicate honestly and openly with your family members and healthcare providers. Make sure that you are all on the same page when it comes to medical decisions, financial responsibilities, and long-term plans.
Seek Professional Financial Advice: Medical emergencies can be financially overwhelming, and dealing with the aftermath can be stressful. A professional can offer insights to help understand any options. Countrywide Pre-Paid Legal Services has a financial wellness benefit that gives critical help.
We have a nationwide network of certified counselors. You may be eligible for financial assistance, payment plans, or debt relief programs. A Countrywide counselor can explore those possibilities and help you navigate the complex medical billing system, negotiate with healthcare providers and insurance companies, and find ways to minimize your financial burden. Employees sincerely appreciate an employer who has this kind of benefit. Countrywide will explain all its options, including help with medical bills and assisting clients in creating their financial wellness benefits.
Preparing for a family medical emergency can be stressful, but it is essential for your financial well-being. With the support of a Countrywide counselor, you can take the necessary steps to protect your family from unexpected medical expenses. Be proactive, stay positive, and seek help when you need it. Countrywide has the counselors you can use to be prepared.
If you want to know more about our services, please contact us at your convenience. A family’s health and an employee’s financial future are worth it! You will be glad that you had a chat with us.