Financial strategies to get you through a health crisis

When you don’t have your finances in order, probably the last thing you want to find yourself in is an unexpected health crisis. As it stands in most countries, getting the best health care means breaking a bank. Without health insurance, a good number of the population would probably be unable to afford proper health care. 

Things happen and you can’t predict the kind of health crises you might find ourselves into but you can prepare and plan ways on how to get through the situation. Here are some financial strategies you could use to help you get through a health crisis:

Plan accordingly

When you find yourself in a health crisis, say an accident or health complication, the first thing you should remember is to calm down. Think about how you are going to survive through this period. Are you going to be able to still work or you will have to quit your job?  If your health insurance is still covering your hospital bills, the better for you. You can continue puffing up your savings account and cutting down on unnecessary expenses while you prepare to get through the crisis. 

This is not the time to skip on your monthly savings or take debts unnecessarily. During a crisis, it is important to cushion yourself as much as you can and save all the money you can get your hands on in case you will need to be out of work or need a plan be for your hospital bills later.

Begin negotiations immediately

After a diagnosis, you should not waste any time. Plan on how you want to handle the whole situation. Depending on the health crisis, you need to consult with the doctors so they can give you projections on how much you are likely to spend on your whole treatment and healing journey. This way you can consult your health insurance and see how much they are going to pay for the bills and how much you might need from your pocket to fill the remainder. 

Negotiations are important to know whether you can afford the given hospital or you will need to go to one you can afford while you still have time. Early negotiations will also prevent hospital bills from accumulating unnecessarily and translating to debt. 

Upgrade your health insurance cover

While the current health insurance might be serving you well and paying all the necessary bills, it is important to keep track of how much they are willing to cover for a crisis. Depending on how long a health complication or sickness lasts, you could probably consider upgrading your insurance in order for them to cater for the payments for a longer period. 

If you are to start paying cash after your cover runs out, it might probably cost you all your money. Also if you don’t have a health insurance cover, this would probably be the time to go for one to help cushion your finances.

Write a will and health directive

In case the health complication is terminal or you worry that it might reach a point where you could be incapacitated, write a will. This doesn’t mean you are hoping to die, but this legal document can save your family the hassle of taking legal action in case complications arise with your assets. 

It is also important to leave health directives on what should be done in case your health deteriorates. Some people prefer to save their family and friends from the struggle of footing endless hospital bills that probably end in debt.