How much should one save for medical bills that insurance does not cover?
Posted on May 07, 2008 under Insurance Information |i am wondering because i would like to know about how much would be a good amount to save/maybe 1000 or 1500 - for the medical bills that the ins dont cover. help
May 7th, 2008 at 6:25 am
Get a GOOD job
May 7th, 2008 at 6:25 am
I was going to answer this last night but I hit my quota! LOL
Your answer lies in determining your health conditions. I always suggest putting back 10% of any income no matter what. Its better if you can do 20% though, especially if you have health problems. This is a good way to retire early if you don't have heath problems.
I am saving 20%+ of my money but I have no mortgage or rent to pay as my house is paid for. I spend about $400 a month for medical expences as well. I am fortunate to have a husband in management so our bills get paid and there is always extra to go out once in awhile.
I find that people spend at the level they earn. This is why I end up with so many forclosure homes in my inventory (I sell homes to financially impared people).
Here is my formula, in order of importance.
Savings 10-20%
The higher the better.
Home 25-40%
Live down a bit to save money. Buy, don't rent. Realestate is always a good investment. Start with a handyman special that has a working kitchen, bathroom and a living room that is "liveable". Fix up one room at a time and move in as you go. If you work hard enough, you can be redoing the rooms you "camped out in" within 6 months. Your investment will grow along with the rest of the realestate bubble. Watch the market if you are thinking of selling, if not, just sit back and enjoy the equity.
Credit 5%
I put this near the top because good credit is an illusive prey in America. If you don't have credit, put some money in a bank and get a secured personal loan. Do this for a year or three and you will have a great start to your credit repair or even history.
Food 10%
Eat well. Don't skimp like many Americans. If you want smarter kids, feed them well. If you want better health, feed yourself well! If you are not familiar with nutrition, most hospitals offer nutrition classes for free or next to nothing. Eating to live instead of living to eat is my motto.
Vehicles 10%: Again, live down a bit. You loose thousands when you buy a new car and drive it off the lot. Buy 2-4 year old cars. They have the bugs worked out and the loss is already absorbed. By owning an older car, you set yourself up for unexpected expences for repairs. I have seen family's end up on the streets because it was a choice between paying for a new transmission or the rent. Mom and Dad have to work so the car became "home". I sold them a house even with a 482 score because I knew they would make great tenants once I laid out this plan to them.
Now, for clothing, personal items and whatnots 2% at best. Again, live down. Don"t live at your income level here. By saving money on these items, you insure a healthier financial future. For example: Shampoo. Most shampoo's contain just about the same ingredience! Why not check the lables and find one at the dollar store instead of at a salon. Difference? Dollar store, $1, Salon, $10. Go figure! LOL
Anyway, I gave the long answer here because you complimented me on one of my questions and I thank you. My friends call me Michelle from Hell. It's a compliment! LOL. Really! It came from when I owned a pool hall and all the kids came to me for their answers. I was forthright and steadfast. I didn't back down and no one could convince me that my suggestions needed ammended.
I sold the pool hall a long time ago but to this day, I run across the "kids" here and there. They always tell me about my advice, how it helped, or if they didn't follow it, what happened. I know I saved many from a bad life and if I died tomorrow, I know I made the world a better place in a small way.
Good Luck and Goddess bless.
August 21st, 2011 at 1:23 pm
check this out…
[… ] Fantastic story, reckoned we could combine a couple of unrelated data, nevertheless well worth taking a look, whoa did one learn about Mid East has got more problerms also [… ]……
January 23rd, 2012 at 3:39 pm
… [Trackback] …
[…] Find More Informations here: kingkings.com/2008/05/07/how-much-should-one-save-for-medical-bills-that-insurance-does-not-cover/ […] …
January 28th, 2012 at 6:18 am
… [Trackback] …
[…] Read More Infos here: kingkings.com/2008/05/07/how-much-should-one-save-for-medical-bills-that-insurance-does-not-cover/ […] …
January 29th, 2012 at 1:24 pm
… [Trackback] …
[…] Find More Informations here: kingkings.com/2008/05/07/how-much-should-one-save-for-medical-bills-that-insurance-does-not-cover/ […] …