Major Life Challenges Blog Series

We are taking a closer look at some of the big issues we all can face in our lifetime. Each topic will be featured as a blog series.

Proper Planning Can Prevent Financial Disaster

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Proper Planning Can Prevent Financial DisasterThere are several things you can do to prevent financial disaster from occurring when a medical emergency strikes. By planning ahead and taking some simple steps you can limit the toll it can take on your finances.  

Many of us neglect to take the time to review insurance plans offered by our employer; what's covered, deductibles, prescription plans, etc., until it's too late and we are faced with a medical emergency we are ill prepared to deal with.  

Today there are millions of Americans without health insurance or inadequate coverage. To prevent mounting medical bills when faced with a medical emergency be sure to obtain coverage based on what is available to you and your family's needs. 

Explore health insurance options 

If you are a full time employee most likely your employer provides the option to participate in their health plan. The types of plans available may vary and understanding how each plan works is important to determine what will work best for you and your family.  

Sometimes even part-time employees are eligible to participate in paid or partially paid employer health plans.  

Find out what the qualifications are; such as working a certain number of hours, length of employment, or premiums that must be paid by you. 

Health spending accounts (HSA's) 

Often we overlook the savings afforded by employee sponsored health spending account plans (HSA's). HSA's include: flexible spending accounts, medical savings accounts, and health reimbursement arrangements. These are plans where you set aside pre-tax dollars from your paycheck and then use the money during that year to pay for qualified medical expenses.  Every plan is different and has limitations so be sure to understand how your's works. 

Understand health care reform legislation 

Signed by President Obama in March 2010, the Patient Protection and Affordable Care Act makes health benefits more accessible to all Americans and improves the quality of the health care system.  

To learn more, visit the U.S. Health and Human Service's health care website, which breaks down the law and provides links to information such as state-specific private insurance plans, public programs and community services that may be available to you. 

By taking steps to review your insurance options, and rights you can shield you and your family from financial disaster.

Suzanne CramerSuzanne Cramer

Suzanne is a certified credit counselor and a Social Media Specialist for CareOne Debt Relief Services. Suzanne writes for Divorce, Debt and Finances and A Straight Talk on Debt.

Follow Suzanne on Twitter @ADivorcedMom  and @AskCareOne where she shares her insights on divorce and managing your finances.



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