Did you know that the United States has one of the highest healthcare costs in the world?
According to a recent report, people in the US spent about $3.6 trillion on healthcare in 2018, which is approximately $11,000 per person. As the Covid-19 pandemic takes its toll on our health care services, this amount continues to grow.
While your health insurance may help you cover some of your medical expenses, the gap between what your insurance is willing to pay and the actual cost of medical care continues to widen.
What does this mean for you?
If you become ill and are admitted to a hospital, you may still need to find the money to pay your medical bills, even if you have comprehensive medical coverage.
If you fail to pay your medical bills, the hospital will report you to the credit bureaus, which will have a negative effect on your credit record. A bad credit record will hinder your ability to access credit in the future, making it harder to buy a house, car, or start a business.
Having to choose between potentially life-saving medical treatment and your financial wellbeing is a difficult decision. However, if you are the beneficiary of a structured settlement or annuity, you do have options.
If you accrue unexpected medical bills that your insurance refuses to pay, you can exchange your monthly payments for a lump sum of cash, which you could use to settle your medical bills.
If your doctor suggests a treatment that is not covered by your medical insurance, you have the option of paying cash for the best treatment without landing in debt.
Your health is your most important asset. It’s the one thing that should never be compromised because of a lack of funds. Taking care of your health, first, is the most important investment that you can make in your future.