Outsmart Unplanned Medical Costs: 10 Steps for Managing the Unexpected

The National Council on Aging estimates that 16.5 million Americans over 65 are financially insecure. These adults — whose income falls well below the federal poverty level — have trouble paying the rising costs of housing, 食物, transportation and routine medical care.

Added expenses associated with an unexpected medical diagnosis or event, 像坠落一样, 中风, 或癌症, 会破坏他们的幸福吗.

The National Cancer Institute (NCI) has even put a name to the distress associated with the economic burden of a cancer diagnosis. NCI calls this “financial toxicity” and recognizes that added money worries during an already stressful time can lead to depression and anxiety. Some may even experience other physical and emotional challenges, including:

• Physical stress, which impairs the immune system and makes it harder to stay healthy
• Difficulty sleeping, which causes fatigue, irritability and low energy
• Reduced emotional resiliency, limiting coping skills

10 ways to prepare for and manage unplanned medical costs

Older adults can take steps to prepare for and ease the burden of unexpected medical expenses. Below are 10 ways they can be ready to manage the unexpected.

1. 与财务顾问会面.

No one should wait until the unexpected happens. Older adults should talk with a financial advisor and map out various medical scenarios to see the impact on their finances.

2. 计划和保存.

A savings plan can help older adults prepare for unexpected health care costs and non-medical expenses associated with care, including any necessary travel or accommodations.

3. Understand health insurance and benefits.

It’s important to understand health insurance coverage well before it’s needed. Older adults who become ill should ask their health insurance company about appointing a specific case manager they can talk to each time they call.

4. Organize and track all bills and health insurance information.

A plan to manage health care bills and insurance information helps with organization during an unplanned medical diagnosis. Older adults should keep track of the following:

5. 说出来.

Older adults should share their worries about health care finances with providers soon after a diagnosis. Often, providers can point out helpful resources.

6. 询问经济援助.

Many hospitals offer financial assistance, 包括付款计划, 降低利率, 耐心的帮助, patient care navigators or charitable help.

7. 考虑税务影响.

Some medical expenses are tax deductible. Older adults should meet with an accountant to discuss which documented expenses qualify.

8. Arrange a meeting with human resources (HR).

Those adults still working should make time to meet with their HR department. An HR consultant can explain access to paid time off, sick leave or other benefits.

9. 坚持治疗计划.

Older adults can avoid additional costly unexpected hospital or emergency room visits by following the treatment plan developed by their doctor. If patients cannot afford prescribed medications, providers can often suggest alternative options.

10. 请求(并接受)帮助.

Friends and family are always looking for ways to contribute. 亲人可以带饭来, 清洁, offer medical and financial expertise, 帮助整理账单, 或者只是同情地倾听.

增加计划外的医疗费用

Unplanned medical costs can catch anyone off guard, causing strain on finances and peace of mind. Older adults on fixed incomes and tight budgets are especially vulnerable to the unpredictable costs of an accident or serious medical diagnosis. With proper preparation, our aging population can better manage the unexpected.