One of the most ubiquitous aspects of social media in recent years has been the arrival of Americans crowdfunding around a major health issue. While America has a level of health care available that rivals the rest of the world, there is no denying that some treatments can be notably expensive. GoFundMe, a crowdfunding website, has raised over $5 billion since 2010; their CEO, Rob Solomon, says that a third of their campaigns fund health care costs and that this category gets more donations than any other.
You may know someone who has been forced to seek out the generosity of their own network in order to cover the costs of health care, medicine, or treatments. It may put you in mind of your own immediate or extended family and how you or they might deal with such a situation.
Sophia Nelson runs a business, has authored books, and describes herself as “doing well.” But in a recent piece in USA TODAYshe revealed, “[My] medical emergency devastated me financially. Unable to work as hard as I was used to […] I had to start over in my mid-40s. It took me five years just to recover.” The idea of “doing well” is subjective, but it doesn’t take much to imagine a health crisis taking a major bite out of anyone’s savings, or worse yet, wiping them out entirely.
It’s a common fear. A 2019 Gallup poll on the subject revealed that 46% of Americans believe that they won’t be able to afford their health care. If you or someone you know skipped treatment due to cost, they join a full quarter of Gallup’s respondents who did the same. Perhaps the biggest takeaway is that everyone seems to have health care costs on their mind; a third of respondents earning $180,000 or more per year have concerns about a health issue leading to a bankruptcy.
When mapping out your financial strategy, it’s perfectly sensible to make allowances for health issues, including your insurance coverage, health savings accounts, and other ways for your family to meet those concerns, head on.
It’s easy to be afraid, but you’re also probably considering a strategy. While it’s not possible to plan for every contingency, if the concern is facing a financial issue, talking to one of the best financial advisors in Charlotte NC may help you allay some of those fears.
Marriage changes everything, including insurance needs. Newly married couples should consider a comprehensive review of their current, individual insurance coverage to determine if any changes are in order as well as consider new insurance coverage appropriate to their new life stage. The good news is that married drivers may be eligible for lower rates than … Continue reading “Insurance When You’re Newly Married”
With the children now out of the house, financial priorities become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning power and fast approaching peak savings as you lay the groundwork for retirement. During this final leg to retirement – and throughout your retirement … Continue reading “Insurance Needs for Empty Nesters and Retirees”
“What is your greatest retirement fear?” If you ask any group of retirees and pre-retireesthis question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety. Retirees face greater “longevity risk” today. The Census Bureau … Continue reading “Reducing the Risk of Outliving Your Money”
For many investors, it can be tempting to think of one’s portfolio in terms of “gains” or “losses.” True, this is a central concept to understanding market behavior, but to truly maximize your investing knowledge, you also need to know about “unrealized gains,” “unrealized losses,” and how they can work to your advantage. As always, … Continue reading “Unrealized Loss and Gain”
As a consumer, when you purchase an expensive item, like a car or refrigerator, you expect to receive a warranty that the manufacturer will repair or replace that product if it breaks down. A warranty makes sense for big-ticket purchases, but what about for a home?
Epic Capital provides the following comprehensive financial planning and investment management services: Learn More >