This article is from Annette Hazard. She is a freelance writer who usually writes about business, home, and financial issues. She is a mother of one and currently resides in Illinois.
Injuries are among the top three reasons for hospitalization. According to a Harvard study, medical insurance offers very little protection against catastrophic injury or accidents. However, there are options to help hedge against loss during unstable times.
Purchase Supplemental Insurance Benefits
Supplemental disability and accident insurance pay cash benefits due to injury. Major medical insurance pays hospital bills. However, there are out of pocket costs that are rarely considered. These include deductibles and out of pocket maximums that can easily exceed $20,000. Other out of pocket costs include transportation and lodging if travel is necessary to see a specialist. Loss of income must also be considered as many have little more than a week’s worth of vacation or sick pay and very little savings.
However, these costs must be paid in addition to daily living expense. Many supplemental benefits pay cash amounts based on treatment and services received. Some benefits have no lifetime maximums on specified services which means they continue to pay as long as the individual is being treated.
Implement a Savings Plan
Saving money is challenging for many people. However, it does provide a small solution in the event of an emergency. A heath savings account (HSA) allows money to be set aside and used on a pre-taxed basis for medical expenses. However, this has its advantages and disadvantages. Unused funds can be rolled over from year to year, and they also accrue interest. However, there is a limit to annual contributions; and no one can predict accidents. Therefore, funds may or may not be sufficient when an injury occurs.
Hire an Attorney
This is one of the most guaranteed means of protection after an injury. Most people are unaware of their rights and protections under the law. Legal language is very confusing to the layman, and conformity seems to be the path of least resistance. Unfortunately, this can lead to stress, bankruptcy, bad credit, garnished wages and a mountain of financial challenges. Legal experts provide support, guidance and the right of protection under the law.
Practically all attorneys provide free initial consultations to determine the legitimacy of a given claim, and many opt to get paid only when the claim is settled. However, they provide expert knowledge, work with creditors and ensure consumer rights are maintained at the highest level. Experts like Michael G. Myers Attorney at Law provide a list of disability services that include social security, survivor benefits, appeals and more.