“Medical expenses are a burden whenever they hit, but a recent study found they’re most common around this time of year,” the Associated Press reports.
One in six families makes a major medical payment in any given year, most occurring in the first few months, according to the JPMorgan Chase Institute. The average payment is $1,143, and it takes most households “more than a year to recover from the hit.”
To help cover costs, set up an emergency savings fund. Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency. Make sure to read any bills you receive carefully — about half of medical bills contain errors, so you might be paying for treatments and services you didn’t receive.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.