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Financial Stress and Your Health
When a medical crisis occurs, you are faced with many difficult circumstances from a variety of areas in your life. A medical crisis can result in a short or long-term loss of a job, but even if your job is not lost, you could be faced with surmountable bills from diagnostic tests, treatments or hospital services. When faced with emergency circumstances, paying the bills is often the last thing we think about.
Ideally, you should have developed a medical plan that includes financial provisions when faced with a serious illness or injury, but in this current economy, many are just trying to figure out how to feed their family. As many patients are trying to decide if they can afford their medications or diagnostic tests, it is evident that few are actually prepared for this type of situation. Even if you have insurance, there are bills that may not be covered, and will require payment out of your pocket if you require medical care. When faced with a serious diagnosis, there are a few things that can help you survive you medical crisis financially and can reduce the stress associated with never-ending bills.
- You need to know what doctors and hospitals specialize in your disease or condition. If you are in the middle of your health crisis, you need to find this information immediately. Having this information before your crisis occurs can also save valuable time in treatments, which can ensure you are receiving the necessary treatments in a timely fashion.
- An understanding of your insurance deductibles, co-pays, and if the healthcare providers participate with your insurance could prevent unnecessary bills.
- Ask how much procedures will cost before they are performed. There may be other options that could save you money, and be just as efficient.
- Some insurance companies require pre-authorization or notification prior to treatments or diagnostic testing, so make sure you understand what your insurance requires. It could mean the difference of them paying for the entire test or the total bill coming out of your pocket.
During a serious illness, things like paying bills can be over looked or just forgotten. Remember that life does not stand still when we are going through a medical crisis. To be prepared, make a list of your bills and payments that occur on a regular basis. This would include your utilities, house payment and insurances, and do not forget those bills that are paid online. They often require a logon and password to get to these online accounts, so you need to make sure this information is easily accessible incase someone else needs to pay your bills for you. If you will be away from your home for treatments, you should either arrange for someone on your support team to gather your mail, and possibly even pay your bills for you, or if you are still able to complete this process yourself, you can arrange for them to send the mail to your location.
Medical bills tend to arrive in waves when you have gone through a medical crisis. Just when you think you have received them all, another one arrives in the mail, and for chronic illnesses, they may never stop. You need to be prepared to negotiate all of you bills, including the hospital, physician, diagnostic testing and credit cards. If you are having difficultly managing this task, ask for assistance from your support team. Creating more stress in your life should not be your main focus, but there is the element of responsibility. Many facilities offer payment plans based on what you can pay. This may be a humbling experience, but it can relieve the stress associated with the overwhelming task of trying to pay bills that you cannot afford.
Make sure to check your credit card or loan policies as some may have disability insurance that will make your payments for you. Do not wait until you are behind on your bills to make arrangements for payment. Some credit cards could even allow you to sign up for the disability insurance, but it is going to be more difficult if you are behind on your payments.
Many non-profit organizations offer assistance for those struggling financially because of a medical crisis. Check out the resource links on this website for further information. For some situations, you may qualify for Social Security or Medicaid, so check with your local government office for an application. You can also apply online at: http://www.medicaidusa.com for Medicaid and at http://www.socialsecurity.gov/applyfordisability for Social Security disability benefits.
During this critical time, it is also important that you have the proper documents prepared. One of the most critical documents is a medical power of attorney (MPA) which allows someone to make medical decisions for you in case you are unable. You should also have health directives documented so your health care professionals and MPA will know what your wishes are when faced with difficult and often life or death decisions. A link has been created for you to complete this information so you will be ready when faced with a serious illness at: http://www.lawdepot.com.
Facing a medical crisis may be a difficult task as we are reminded of our mortality, but being prepared can lessen the stress on you and your loved ones during a medical crisis. The recommendations in this article are here to help you survive your medical crisis. If you have suggestions and stories related to finances during a medical crisis and would like to share it with our readers, click on the “Tell My Story” link. |
