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How To Avoid A Major Cause Of Bankruptcy By Getting Basic Health Insurance Coverage


How To Avoid A Major Cause Of Bankruptcy By Getting Basic Health Insurance Coverage

Published 1/7/08  (Modified 3/8/11)

By MoneyBlueBook

This post is for people like me who used to live life without even the most basic of health insurance coverage. Did you know one of the major and perhaps number one cause of bankruptcy in the United States is unanticipated medical bills caused by inadequate or even complete lack of health insurance coverage? Currently, unpaid medical bills due to unforeseen and catastrophic medical related ailments compete with debt mismanagement and credit card bills as the number one contributor to personal bankruptcy.

We all make many important financial investments in our lives, but believe it or not, health insurance might be one of the most important. It's a silent safety net that will catch you in the event the worst happens and will prevent you from completely falling into the financial abyss. Without at least basic coverage, having to fully pay all of the medical costs out of pocket can be very expensive and difficult. Just a single night's stay at a hospital for emergency care can cost upwards of thousands of dollars. Without at least basic coverage, you are one appendix or broken leg away from a pile of insurmountable medical bills.

While today's basic entry level premiums do not offer full financial protection from serious illnesses, having basic coverage will at least cushion the burden to a more manageable degree. It's important to maintain a healthy lifestyle by eating your fruits and vegetables and exercising regularly, but sickness and physical accidents are inevitable in life. You might get lucky for a long time but

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Deadline Approaching To Use Up Your Flexible Spending Account - Use It Or Lose It

Published 12/31/07  (Modified 3/8/11)

By MoneyBlueBook

The end of the year is here, but don't just take it easy and forget about important end of the year financial moves you may need to make. For those who have one through their employer, make sure you've fully maxed out your Flexible Spending Account (FSA). For the remaining unused funds, my usual end of the year routine is to get creative and spend the rest on qualified health care items like Tylenol, Advil, and over the counter cough medication like Delsym and Robitussin. Covered FSA medical expenses also include items like contact lens solution and eye care drops. If you have no immediate health needs, it's always a good idea to stock up on emergency, medical kit type supplies like Band-Aids, gauze, and Betadine for common scratches and scrapes, particularly if you have kids.

What Is A Flexible Spending Account And How Does It Work?

Flexible Spending Accounts are tax advantaged arrangements set up by some employers to allow employees to set aside a pretax portion of their regular paycheck to pay for qualified expenses, usually for medical care, but frequently also for child care costs. The smart use of pre-tax savings through FSA's can help you save up to 30% of the cost of out-of-pocket medical related expenditures. Most people contribute about $1,000 towards their FSA, but it varies depending on individual need.

Benefits of the Flexible Spending Account Include:

  • Contributions towards your FSA are pre-tax.
  • When you provide receipts to get reimbursed, the FSA reimbursements are tax free.
  • Convenient FSA debit cards are now frequently being
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    My Experience With Lasik Eye Surgery - Thoughts About Laser Vision Correction - Is It Worth The Cost and Risks?

    Published 12/21/07  (Modified 3/8/11)

    By MoneyBlueBook

    I had Lasik surgery a few years ago and it completely changed my life for the better. For those considering the procedure, I highly recommend it wholeheartedly. Particularly for those people like me who spent the majority of their lives dependent on corrective lenses, Lasik will truly transform your life in an almost miraculous way. Freedom from glasses and contact lenses has been such an amazing and liberating experience.

    The procedure is considered elective by most health insurance companies and the cost can range between $3000 to $5000. Although the cost has gone down over the years, it's still quite an expensive procedure. But if you can afford it, the potential benefits greatly outweigh the limited health risks and possible fear factor. It's one of the best financial expenditures I've ever made for myself.

    My Background Of Wearing Glasses and Contact Lenses At An Early Age

    Since I was little kid I've always had terrible eye sight. I started wearing glasses during second grade and my prescription only worsened and thickened over time till they essentially became bullet proof eye guards. I went from thick plastic frames and lenses to sleeker wire frames and ultra thin prescription, but with my horrendous eyesight of -7 in the left and -8 on the right, it was impossible to reduce the lens thickness by much.

    I'm not particularly vain but I guess I always felt constrained with having to wear such thick glasses and being recognized by my thick "nerdy" goggles. Since my vision was so bad, I was basically blind without

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