With the start of 2016, I have been busy goal planning. I love the start of a new year – an empty calendar holds so much promise. What will this year look like? What will those days be filled with? When I organize my calendar, I then sit down and set some goals. Not resolutions. Goals. What do I want to accomplish this year? How will I get there? Each year, that includes financial goals.
For families like us, with medically needy children, financial goals are often small. It isn’t about saving for a vacation; it is about paying off that hospital bill from 3 years ago. Or the goal one family I know has to pay for a new pump for their son.
While families have health insurance, there are still great expenses that come when you use that health insurance often. Let me give you a few examples:
Family A – Their child had a MRI done of the brain and spine. The hospital billed the insurance $25,843.00. Yes, you read that correctly. $25K for one test. After the insurance paid, the family owed their deductible ($3,000) plus their 20% portion (over $3,600). Have you ever had an outpatient test done and then been in debt over $6,000?
Family B – Their child has a rare condition that requires a specialty formula. Despite the fact he is in elementary school, he can eat very little solid food. Each month, they pay over $900 for this formula.
Family C – Dad’s high deductible health plan offered by his employer does cover most of the incoming medical expenses, but only after they meet their deductible. Each January, they have to pay the first $7,500 in medical expenses out of their own pocket.
I want to introduce you to Monica Louie. Monica is the author of the blog, Our Debt Free Family. Monica works to help families get out of debt. For many families with medically needy children, debt is unavoidable.
Monica’s blog is full of great tips to help people with their debt. She and her husband have paid off thousands of dollars in debt and have a goal to be completely debt free in just a few years. Monica also offers a debt program called the Debtfree Roadmap DIY Program. This is a great resource for those trying to pay off debt.
Monica not only supports The Do More Foundation by giving back a portion of her profits, but she is also going to work with one of our Do More Families to help coach them for FREE on their journey to become debt free. I can’t wait to share in the future how her gift helps a family!