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We all know to eat right, exercise, and see our doctors regularly to stay healthy. But we also know an injury or illness can happen at any time. Should that happen, the cost of medical treatment can be almost as devastating as the impact to your health. Here are some steps you can take, both proactively and during an emergency, to reduce the financial pain of getting hurt or sick.
Few people could afford to pay themselves the full cost of a hospital stay, illness treatment, or even preventive health care. It is critically important to obtain health insurance for yourself and your dependents. When investigating insurance options, shop around and shop early. Compare the costs of the plan, how much you will still pay for medical care through deductibles and copayments, and whether your preferred healthcare providers or medical treatments are covered by the plans you are considering. Also, some types of insurance, such as long-term care, can be difficult to obtain if you don’t secure them ahead of the need.
There are several different types of health insurance plans:
Even with health insurance, you will still need to budget for health expenses. Consider these ways to keep those costs manageable:
There are proactive steps you can take to help you manage your living expenses while sick or hurt:
Once you and your doctor have discussed what your road to recovery looks like, you will have the information you need to discuss options with your employer:
Long-term care insurance is for people who can no longer perform aspects of daily living, such as eating, dressing or getting around on their own. Many people buy long-term care insurance for a loved one. It gives them the peace of mind that they will be properly cared for while protecting their finances against the high cost of assisted living facilities, nursing homes, and extended home care. When exploring a long-term care insurance policy, whether for you or someone else, be aware of several key factors:
When evaluating any policy, research the company, plan thoroughly, and don't buy more than you need. Your financial health depends on it.
*CFS does not provide tax or legal advice. For such guidance, please consult a tax and/or legal advisor
† Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. UFCU has contracted with CFS to make non-deposit investment products and services available to credit union members.
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