Health concerns can cost quite a bit of money and have a wide-ranging fallout. A variety of consequences can result from common health concerns such as obesity, diabetes, heart disease, and cancer. These health conditions can lead to physical disability, mental distress, and financial burden. Below are some of the most common fallouts surrounding common health concerns and how they can affect your money and finances.
Loss of Work From Physical Injuries
Over 20% of slip/fall incidents result in more than 31 days away from work, which results in a significant loss of income, especially for those who live paycheck to paycheck. Along with physical injuries associated with slips/falls, health conditions such as arthritis and cancer can limit one’s ability to work due to pain or other physical limitations.
Financial Burden from Medical Errors
Health care costs continue to rise yearly, making it difficult for individuals to afford medical expenses. Additionally, medical errors in the healthcare system can lead to expensive follow-up treatments and high out-of-pocket costs for victims. According to recent studies, as many as 98,000 Americans or more, die each year from preventable medical errors by hospitals, doctors, and other healthcare providers. While you need to trust your doctors during routine visits, it’s crucial to be mindful of medical errors and how they can financially affect you.
Higher Insurance Rates
Insurance companies often increase premiums for people with pre-existing conditions or chronic illnesses. This can make it difficult to get affordable health insurance coverage and place a financial burden on those who are already struggling with medical costs. For instance, someone with diabetes may be charged higher monthly premiums than someone without the condition, simply because of their medical history.
Loss of Income from Disabilities
Disabilities can occur from a variety of health conditions, such as stroke, heart attack, mental illness, or physical injuries. These disabilities can limit an individual’s ability to work and ultimately lead to a loss of income, making it difficult to pay for medical costs and other expenses. Depending on the situation, disability insurance may be available, or you might need to file a claim to get access to disability benefits. In addition, according to AllLaw, the majority of U.S. personal injury cases result from car accidents. So, if you have been injured in an accident caused by another person, you can seek financial compensation for your medical expenses.
Out of Pocket Expenses For Medications
While some prescription medications can be covered by insurance, many of them may require costly out-of-pocket payments. This can be a huge burden for those who are already struggling financially from the consequences of a health issue or condition. Depending on your situation and income level, you may qualify for assistance programs that could help with some of these expenses.
For instance, you might be able to sign up for Medicaid or Medicare, or inquire about low-cost drug programs at your local pharmacy. Additionally, you could look into generic medications that cost less than name-brand products.
Costs Of Living With Chronic Illnesses
Living with a chronic illness or health condition can be difficult enough, but the financial cost of managing such a condition can add additional strain. For instance, individuals with diabetes may need to purchase medical supplies and make frequent doctor visits in order to manage their symptoms. Additionally, those with mental illness may need to utilize therapy sessions and other forms of care to ensure their well-being.
Overall, common health concerns come with a variety of consequences that can have significant financial implications. While it’s important to keep up with regular check-ups and preventative care, it’s equally important to be aware of the financial fallout of common health concerns and how it can affect your money. Taking preventative measures such as having an emergency fund, shopping around for affordable insurance plans and understanding disability benefits can help you protect yourself from unexpected medical costs.