I came across an article titled Medical Debt Sending Many Over Financial Brink. The gist of the article is that most people manage to get along financially until there’s a crisis of some kind, which causes them to fall behind in payments, eventually leading to catastrophes like foreclosure and bankruptcy. The article claims that half the time, the precipitating crisis is a medical one.
This quote was how the article ended:
“I don’t know if we have enough working years left to buy a house,” Donna said. “That’s pretty heavy punishment for having gotten sick.”
My instinctive reaction was to think, “Well, could you have done anything to prevent your illness?”
And that made me think: Investing in good health could really be worth thousands of dollars in the long run.
Of course, there are many other reasons to want to be in good health, but if money is what motivates you, then by all means, use it to get in shape, lower your cholesterol and blood pressure, eat less meat and saturated fats, eat lots of fruit and veggies for the antioxidants and flavonoids, etc. No one can guarantee that you won’t end up with huge medical bills at some point, but at least you’ve reduced your risk (and increased your quality of life).
As it turns out, Donna had uterine cancer, which I honestly don’t know much about. But her husband had “serious artery disease,” which sounds to me like the average heart/cardiovascular problem that’s common in older men. The really disturbing part of their story is that they were “technically fully insured” throughout their medical crises. But, reading between the lines, I gather they didn’t have much savings and that’s why they couldn’t pay the annual out of pocket maximum under their insurance plan. The max was $9,000 – obviously a lot of money, but not exactly an astronomical amount.
I’m not judging Donna and her husband – for one thing, I just don’t know enough about them to form any kind of opinion. But I can speculate and point out that a lifetime of sound money management would probably have left them in a position to pay that $9,000. The article doesn’t say how old they are, but since they have grown children, I am going to guess they are at least in their late 40′s, and probably more like in their mid-50′s. If they had: (1) carried their mortgage as their only debt; (2) saved for retirement; and (3) built up an emergency fund, they would not be in the situation they’re currently in.
Of course, doing these three things is not easy. But I know it can be done, even on a very low income. Thanks to the internet and especially blogs, I read such success stories every day. It’s just a matter of prioritizing and acting according to those priorities. And if you don’t prioritize and act accordingly, then at some point, you have to pay the price.
Image credit: Indiamarks.com.