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.
Where were you on March 9, 2009? Do you remember the headwinds hitting Wall Street stocks then? When the closing bell rang at the New York Stock Exchange that Monday afternoon, it marked the end of another down day for stocks. Just hours earlier, the Wall Street Journal had asked: “How Low Can Stocks Go?”1 … Continue reading “Stocks Gain Tremendously Since 2009”
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For most, creating an estate strategy is important to make sure your loved ones are taken care of after you’re gone. But it may be just as important to have an estate strategy for your business. Whether you’re a sole proprietor who will be passing on your business to your heirs or your business partners … Continue reading “Buy Sell Agreements for Businesses”
Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. April 1, 2020 is the deadline to take your Required Minimum Distribution (RMD) from certain individual retirement accounts. April 15, 2020 is the deadline for making annual contributions to a traditional IRA, Roth IRA, and certain … Continue reading “2019 IRA Deadlines Are Approaching”
You may have seen this statistic before or one resembling it: the average 65-year-old retiring couple can now expect to pay more than $250,000 in healthcare costs during the rest of their lives. In fact, Fidelity Investments now projects this cost at $285,000. The effort to prepare for these potential expenses is changing the … Continue reading “Healthcare Costs are Cutting into Retirement Preparations”
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