One of the most difficult things, well, really two of the most difficult things in setting my monthly budget is
- Being able to predict the costs of the health expenses of my family for the month/year
- Not putting the right priority on including health care in my budget.
Both of these things together have resulted in getting blindsided every year with unexpected medical bills.
Perhaps blindsided isn’t the correct term. I actually kept my eyes closed to the possibility that someone in the family would need to go to the doctor/get sick or injured/have surgery. Then getting that bill after the insurance covered its bit was like having a cold washcloth slap me in the face when I am sound asleep. Not pleasant and it tends to piss me off.
It really pissed me off this year when my family’s medical/dental expenses were just below the allowed deductible and I ended up paying more for my federal income tax. How stupid is that.
All because I did not know how to plan.
After reading today’s post at Quinn’s Commentary, I realized he hit the nail on the head when it comes to planning for health care costs. Folks, it’s more than just paying for health insurance.
Here is that post….
I began managing health benefits in 1961. I have done everything from process claims, design and communicate health benefits, negotiate insurance and TPA contracts to serving on boards of directors of health plans and negotiating physician contracts. I am convinced of one thing with absolute certainty. From the perspective of virtually all Americans health care […]
The author links to this post INSURE AGAINST DISASTER, PAY FOR WANTS OUT OF POCKET, SAVE FOR THE END GAME which is another essential read, imho.
After reading these and the linked Forbes article, it is no wonder that unexpected costs of illness or injury leads too many of us to bankruptcy.
To avoid being caught unprepared this year, I am including fully funding my HSA into my monthly expenses. And eating rice and beans all year.