How Unexpected Medical Costs Can Sneak Up On You | Spent | Scary Mommy

How Unexpected Medical Costs Can Sneak Up On You | Spent | Scary Mommy


– What is the craziest
doctor or hospital visit you’ve had to do with your kid? – Well besides birth,
that was pretty crazy. – What throws you off more? The broken bone, or
the ER bill afterwards? Today, we’re breaking down
the cost of medical bills because, ouch. (upbeat music) Today we have Jeannie Jackson, who’s a financial
representative for Guardian and Strategies For Wealth. So let’s just jump right into it. Kids. There are some injuries
you just cannot predict. I got stitches three times
before the age of four. How can one go about saving
money for stuff like that? – First and foremost, I
would look to your employer for what supplemental benefits they offer. You know, supplemental
also means voluntary so that means that you can pick and choose which benefits you’d like to choose from if they offer them. But then you wanna include
things like hospitalization, accident policies, short-term disability, dental, vision, even legal services. – So that’s something like
when you start a new job, you can go to HR and sort
of sit down and be like, okay, what are all of these things? Do I have all of these things? – Absolutely and I would suggest
consulting a professional to help you go through
what the options are. It’s all about cost versus benefit. – He just recently got hit
in the eye with a baseball, two days before picture day. – Flew out of his crib and landed directly on his head. – She burned herself with a pot of coffee. – My daughter got a glue
stick stuck to her lip. – What? – Fell off the bed and
his tooth went up his gum. – On a scooter in the
supermarket and hit a shelf and cracked the head right open. – There was blood everywhere and we didn’t know if it was broken. – The human body is disgusting. What about like HSAs, FSAs, HDHP, they all sound kinda like
settings on a television. (laughs) – So an HSA is a Health Savings Account. That could help pay for
things like your deductibles, your co-pays, but certainly
out of pocket expenses you might incur if your child gets sick. You can use the Health Savings
Account to pay for things that aren’t even covered
in your medical plan like dental, chiropractic, acupuncture. – Oh!
– Yes. It’s tax free and you
actually get a deduction for the amount that you
contribute to those accounts. A federal tax deduction. – [Gabby] And it’s also something that doesn’t expire, right? – [Jeannie] Correct. – What’s considered a high deductible? – So they usually have higher deductibles than your traditional medical plans. The IRS considers at least
$1,350 for an individual and $2,700 for the family. And that gets adjusted
each year by the IRS. – So what are the benefits of an FSA and what does FSA stand for? I completely know what it is, I just wanna know if you know. – A Flexible Spending Account
allows you to take a portion of your income on a
pre-tax basis to set aside for unreimbursed medical expenses. – So with an HSA, you
can save it for later, but with an FSA, if you don’t
use it by the end of the year, you lose it. – It’s called use it or lose it. – Is that what it’s called? – It is, well that’s
what I refer to it as. – My son got his toe
cut, slammed in a door. It cut the pad of his little toe off. My husband then called me up and he said, “Go back home before you
come back to the hospital. “They need you to find the piece. “They wanna reattach it. “Put it in some ice.” I was freaking out! I gave it to them, they sewed it back on. That was a crazy visit. – So let’s say you don’t
have like a fund put away, you don’t have any of these HSA or FSA or anything like that. Someone in your family gets hurt, there’s unexpected medical bills. Like, financially, what can you do? – So the first piece
of advice I would give is to make sure that the bill is accurate from your insurance company. You’d be surprised how many
times people will get a bill and it’s not exactly accurate. In addition, I would also suggest speaking to the hospital or the
doctor and see what type of payment plans they may have
that might fit your budget. And you’d be surprised
that they may be willing to forgive some of that cost. – Yeah, it’s like kind of worth being the squeaky wheel almost always. – It never hurts to ask. – True or false, the average three day
hospital stay costs $30,000. – True if not more. – I’m a say false. – It’s true!
– What? – It’s never cheap in the hospital. – No. – That’s a salary. – So what did we learn here? Look into what your employer has to offer to find out what’s best for you. And that trampoline your
kid keeps asking for? Maybe leave that off
the holiday wish list. And remember, keep your
mind on your money. See you next time. I hope, please. Don’t get injured. I’m begging you. If you come back here
with your arm in a sling, I will be mad at you.

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