Most of us share concerns about our money and our financial futures.
It’s normal, and even healthy sometimes, to be on alert when it comes to your finances. But as with any fear, your financial terrors shouldn’t rule your life. Here are some tips to deal with some of the most common worries.
Many fear that illness or medical emergency involving themselves or a loved one will leave them bankrupt. This is certainly a valid fear as medical catastrophes account for the highest number of bankruptcies. Keeping an emergency fund and being informed of what your health insurance covers are essential preemptive measures to take.
If the situation does unfortunately arise, ask the hospital for an itemized bill and review it carefully. Ensure that each item was actually provided during the hospital stay. If not, bring it to the attention of the hospital. Additionally, health insurance companies change their billing codes frequently. If you were charged for something that should’ve been covered by insurance, your doctor may have used an old code. Give your an insurance company a call to try to remedy the error.
Another of the most common financial fears is not saving enough money for retirement. Over the past several years; the pension changes, the outlook for social security, and the increase in lifespans have all caused heightened concern about retirement savings. You may feel as though you’ll have to work forever or that you’ll be unable to maintain a comfortable lifestyle.