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These are some things that you can do:

  • you can purchase health insurance to reduce the cost of immediate medical care
  • you can purchase major medical health insurance to cover the cost of catastrophic care
  • you can purchase disability insurance to provide a source of income while you can’t work

You can also control your exposure to loss of income and unexpected medical bills in other ways that don’t cost money but are more long term solutions:

*if you smoke, stop smoking since there is no question that cigarette use increases your odds of becoming seriously ill. Smoking also negatively impacts your recovery if you do become ill. Smoking is also an expensive habit – you will see positive cash flow by stopping. This is an exposure point totally within your control.
*if you are 20 or more pounds overweight, use the resources available to you (Internet, library) to learn about eating better and exercising more. Carrying around excess weight will lead to heart issues, organ damage, diabetes, and any number of other medical problems. Weight loss, while difficult is an exposure point within your control.
*whatever your age, schedule an annual checkup and standard diagnostic tests like colonoscopies, mammograms, PAP smears, prostate exams. Preventative care is especially valuable if certain diseases run in your family. In any case, you reduce your financial exposure by undergoing regular checkups.

If you recognize that a health emergency could leave you insolvent, then consider specific steps about how you can reduce or manage your exposure to this particular risk:

  • buy insurance if you can afford it
  • if you cannot afford insurance, find a part-time job to earn the money to pay the premiums
  • if your current job does not offer insurance, look for a job that does
  • eliminate unhealthy habits like smoking and poor eating
  • make preventative medical care a priority

These are good tips for the future. However, if you are already in a financial situation, perhaps you should talk to Caroline Secor. Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.