Keep Some Money Aside for Medical and Dental Expenses
Your grandmother may have always advised that you should keep some money aside for a rainy day, and boy was she right. With healthcare costs going through the roof, it would be foolish NOT to have a cushion for medical and dental bills in case you fall ill or have an accident.
With so many Americans without access to comprehensive health insurance, people are forced to declare bankruptcy or sell heir home when outrageous medical and dental bills start racking up. No one slips while shoveling snow on purpose and root canals aren't anyone's idea of a mini vacation either. No one likes these medical and dental procedures and hence no one wants o pay through their nose for them.
What If I Have Insurance?
Even if you have health insurance from your employer or on your own, medical and dental bills can still plague you. Often times, a procedure will not be covered by your medical or dental insurance or you may have to fill in a lot of paperwork and go through specific channels. For instance, you may be entitled to go to a podiatrist as a specialist but it has to be someone who your primary care provider has referred you to and is within your medical and dental insurance network. If you happen to go to any podiatrist or go without a written referral from your main doctor, it will not be covered and you may be stuck with the bills.
At other times, the medical and dental insurance company will cover the costs but only partially. This means that you have a co-pay that can add up to quite a bit if you have a condition which requires several doctor visits or includes hospitalization. Therefore, even if you have medical and dental insurance, saving some money is always a good idea.
Hidden Costs
Even if all your medical and dental expenses are covered, you still will have to factor in loss of income and other ancillary expenses like gas to and from the doctor, over the counter medications, heating pads, bandages, and other such things. Further, you may have to spend more in take out food or dry cleaning if you are too sick to cook and do laundry yourself.
Your work may give you some paid sick leave, but after that time is over, the loss of income can set you back in paying your bills. These are some of the sad but true reasons why it is always wise to save some money for unexpected medical and dental expenses.
