Staying Debt Free After Debt Settlement Part Two

Article Two: Avoiding Medical Debt

So you have just successfully paid off your debt! Congratulations! But what comes next? How can you not repeat the financial mistakes of your recent past?! You need to adopt a practical approach to rebuilding your credit and staying debt free. Below is one of the most common costs that cause people to develop large debt quickly. Be proactive in your approach to debt and learn to save for unexpected future costs.

Medical Costs - Unfortunately medical costs are NOT going down any time soon, and while we can sit and hope for policy and administration change, on medical coverage for Americans, it is important to do something today to protect yourself and your family against rising medical costs that can eventually lead to debt. While its true that medical collections do not impact your credit as negatively, as credit card debt, it is still important to be proactive and guard yourself against high medical costs.

First off, if you are not insured, make sure you apply for a health insurance plan immediately. Health insurance can save individuals thousands of dollars in debt by planning ahead in case you are faced with a medical problem. Even though monthly premiums maybe high, it is better to fit an affordable health insurance plan into your monthly bills rather than going to the ER once without insurance and owing of $25,000 for one visit. The same principal should be applied for dental insurance as well.

Another way to save money and guard yourself against medical debt, is to set up a health saving account (HSA), where you can transfer pre-taxed dollars into an interest earning savings account, and still access and use that money towards any medical expenses. This can help lower your taxable income, as well as, help you to proactively save for medical premiums, co-payments, deductibles, medications (over the counter and prescription) and other approved medical expenses.

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