Health problems are an inevitable fact of life. As we age, the risk of facing more costly health issues rises. However, some people are going to face more expensive health problems than others.
If you live in the United States, this is going to be a greater concern. The United States does not have a universal healthcare system to help people that are facing serious ailments. Citizens struggling with crippling diseases could face the possibility of bankruptcy. In fact, medical problems are the cause of over 700,000 bankruptcies every year.
Before you decide how to tackle these challenges, there are a couple of things that need to be aware of. First of all, you can’t make educated assumptions about the cost of your future medical needs. They vary tremendously based on number of factors. Also, some people are going to face much more expensive medical bills than others. Approximately 5% of the population accounts for 49% of all medical costs in the United States.
You need to also appreciate the risk of developing a genetically based disease. Around one in 10 Americans will develop a rare disease, due to abnormalities in their alleles. If you are pre-disposed to developing serious health problem, it can be financially devastating if you are not prepared.
Here are some ways to protect your family from future medical bills.
Get tested for diseases that you may be genetically predisposed to
New advances in genetics have made it easier to identify alleles that could trigger certain diseases. Although the tests cannot identify the risk with a reasonable degree of certainty, they can at least acknowledge whether or not a risk actually exists.
Make sure that you use a reliable genetic screening service. Some services such as 23andMe can offer some insights, but they don’t focus as much on health screening.
You will want to use a more comprehensive genetic testing service. Make sure you know which genetic diseases they test for. If you have a family history of contracting certain diseases, you will want to focus on those.
Invest in life insurance for the worst case scenario
Some health problems can be deadly. Unfortunately, there may be nothing that you can do to prevent them. According to the CEO of Juniper Life Insurance, the best that you can do is try to minimize your suffering and make sure that your family will not suffer a massive financial loss if anything goes wrong. Purchasing a comprehensive life insurance policy can be the perfect option.
Purchase a low deductible health insurance plan if you identify a healthcare risk and are nearing the likely stage of onset
When you purchase health insurance, you usually face trade-offs between the cost of your deductibles, the level of care that you will receive and your monthly premium. If you choose a low deductible health plan, you may be stuck with massive medical bills in the future. This is a risk that you cannot take if you know that there is a good chance that you will inherit a health problem and are nearly at the age where it is likely to become a problem.
This means that you should consider purchasing a plan that has lower deductibles, even if the premiums will be higher. If you are purchasing a plan through the Affordable Care Act exchange, you may want to invest in a gold or platinum option, rather than the bronze or silver plans. These will cover your health expenses if an unexpected problem arises.