Most of us handle the routine aspects of financial planning and the recurring payments of bills pretty well. What tends to get us in a tizzy is when we are confronted with unexpected – and very large – bills. This is particularly true of surprise medical bills at a time when financial income has plateaued or worse yet, when income is declining.
I read a very interesting recent study published by Kaiser Health News. It stated that unexpected medical bills top the list of health care costs Americans worry they may not be able to afford. Indeed, 40% of people polled reported receiving a surprisingly large bill within the past year. The bulk of unexpected and expensive bills appear to come from medical providers that are not within someone’s insurance network.
Healthcare providers balance bill the patients, meaning they charge the patient for the difference between the insurance carrier’s payment and the provider’s bill. Even more interesting is that 67% of those surveyed stated that they dread unexpected medical bills more than insurance deductibles, prescription drug costs or basic necessities such as rent, food and gas.
This made me think more about the disciplined savings program embedded in Amazing Care accounts. Our ACN savings program enables our members to save for a rainy day or in anticipation of likely future expenses. I sleep better at night knowing I’m saving regularly and therefore, I’ll be in a better position to respond to surprise bills or to help a family member/friend, or even myself when in need.
Unexpected life events, for good or for ill, are part of being human. Resources like Amazing Care can help us respond to those events with more control.
Join us for a smarter tomorrow and to grow your network today!
~ Cora Tellez, CEO and Founder