Health care costs remain expensive and unpredictable, and many are not prepared to pay them.

A survey from the Board of Governors of the Federal Reserve found that 28% of adults went without some form of medical care in 2022 because they couldn't afford it. It also found that 23% of adults had an unexpected medical event in the past year, costing a median of $1,000 to $2,000.

If the thought of such an expense has you stressed about your finances, there are steps you can take to minimize the impact that medical costs have on your budget – and your life.

Follow these five steps to better manage current and future medical expenses:

1. Build an Emergency Fund

Having an emergency fund with three to six months’ worth of expenses in a liquid account means that you can help cover an unexpected medical expense – or other unexpected expense. If that amount seems like a lot, try setting a small amount aside each month – even just $25 per week. That will get you into the habit and your savings will add up more quickly than you think.

2. Select the Right Insurance Plan

When it comes to managing medical expenses, one of the most important decisions you can make is choosing your health insurance plan. Be sure to evaluate all of your options during open enrollment season (including those available through a spouse if you’re married) to find a plan that best meets the needs of your family.

Factors to consider include the total potential out-of-pocket costs, including premiums and...

Read Full Story: https://news.google.com/rss/articles/CBMiamh0dHBzOi8vbW9uZXkudXNuZXdzLmNvbS9t...