How to financially plan for your medical expenses

Introduction

How can one keep their basic monthly
living expenditure really low? Accountability in spending leaves some money for
activities like fun family expenses and even for charity. This is a question
most people have been trying to get answers for. How one can survive without debts,
ensure proper health care. In this article we shall be looking at how to
financially plan for your medical expenses.

Below are some tips that one can
apply in order to thrive and prosper financially.

Tip#1
Understanding how Medi-Share Works For You

The
understanding on how Medi-Share works is very paramount. Taking
care of your whole family as well as being a steward and an excellent member of
the program.

You can make sure that the AHP you
choose meets and your family’s needs and also fits your budget very well. You
will be required to pay your medical bills up to that time you reach your AHP.
Additionally pay provider fee of 35 dollars for a doctor or $135 an ER visit
once you meet your AHP. Therefore start planning at the same time you find the
Medi-Share plan that works best for you.

Tip#2
Your past tells your future.

You can look at your expenses over
the last say one year or even 3years to see how much you have spent on medical
bills at average. We all know that health problems are never anticipated and strike
when we all don’t expect.

Medical expenses tend to be irregular, and are
often unexpected but once you have looked at your expenditure on health
matters, you will be in a great position to budget on all your medical needs.

Tip#3 Make use of Automatic
Savings Deposits

Ensure that all your family has sufficient
funds to cater for the medical bills as they arise. Take advantage of automatic
savings deposits that can help you save more on medical needs. This can greatly
help you do small amount transfers to separate savings account say like daily,
weekly or at the end of the month.

Tip#4
Keep track of your savings

With the help of automatic savings
you are able to save much more. Consider saving $20 per week in a year that’s $1040.
This amount is hardly going to cater for the medical expenses. You can consider
increasing this figure to say $30 or even $50 for more savings.

Tip#5 Make Financial
Independence Your Long-Term Goal

Making a start with Medi-Share is a
big step and a balance to most families. As a contributor one need to find the
appropriate monthly contribution to make the AHP affordable early on. It will
be a brilliant idea to continue to build up on your saving cushion up to that
time you have all the freedom to make a choice on a much higher AHP and have a
lover monthly share.