This time of year gets me thinking about something that just happened to us LAST year when our family experienced a healthcare crisis. That crisis revealed a blindspot in our finances that I didn’t realize we had. I’ve been thinking about this situation a lot lately and how it had the potential to ruin years of financial progress.
This time last year our son had surgery to remove his tonsils and adenoids. As you are probably aware, this is a common surgery.
Before taking him back to surgery, the surgeon said there was a 3% chance of post-tonsillectomy hemorrhaging. He glossed over that statement like it wasn’t important.
For whatever reason, this risk caught my attention and led me to start asking a lot of questions.
What do we do if he starts hemorrhaging?
Do we need to take him to the doctor, the local hospital, or the children’s hospital (an hour away)?
Do we need to drive him to the facility or call EMS?
I had so many questions and I couldn’t shake the feeling that I needed answers to these questions.
The surgeon assured me our son would be fine. After all, the risk was so small.
Fast forward to the middle of the night nine days after the surgery when our son woke us up.
His throat was bleeding.
I will spare you the details of exactly what transpired after he woke us.
It was scary.
His condition changed so fast.
We called 911.
He was airlifted to the children’s hospital.
That’s right, this 3% risk turned into a life-threatening situation for our son.
All the questions I asked prepared us to get him treatment promptly.
Once we knew our son was ok, the financial fears started setting in. The helicopter ride concerned me the most. I knew exactly how expensive this service was – $60,000.
Insurance will cover that expense (or at least part of it), but my kids and I are covered by a healthcare sharing plan (not insurance).
I read the guidelines for which bills could be submitted for sharing.
I began to panic.
The helicopter had to be ordered by a doctor for the bills to be covered.
The helicopter was ordered by an EMS worker.
I started mentally beating myself up. Can you relate to this?
“Why didn’t we buy medical insurance instead of a healthcare sharing plan?”
“My family is going to be strapped with that medical bill for years and it’s all my fault.”
“How could I let this happen to my family?”
The reality was I knew exactly why we purchased a healthcare sharing plan instead of insurance. I knew our numbers! It made the most financial sense for our family!
While sitting in the hospital panicking over the helicopter bill, I discovered there was a way that I could have protected my family from this bill for only $100 a year.
And there it was, $100 a year could have prevented the months of stress I endured following this ordeal. Ouch! Why didn’t I know this before?
I immediately purchased air ambulance coverage. I scheduled it to auto-renew. I added it to my budget. I never again wanted to worry about how we would pay a helicopter bill for a loved one.
This huge financial gap was filled with a few clicks and $100 a year. That didn’t solve the problem of the bill we were facing, but it did make me feel better knowing I had protected my family going forward.
After months of worrying about this bill, our healthcare sharing plan deemed our son’s complications as life-threatening and paid 100% of the bill. I was so relieved.
Unexpected financial events can shed light on financial blindspots. Our experience with this surgery reminded us of the importance of evaluating our financial preparedness, prompting me to ponder what other gaps we may have overlooked.
How about you? Do you have any blind spots or gaps in your finances?
Do you need to purchase life insurance or disability?
When was the last time you reviewed your insurance coverage?
Where do you need to take action so that your family is protected financially?
These are questions I’m passionate about helping my clients answer confidently. While we can’t always know every gap we need to cover ahead of time, we can make sure that we’re covered for some of the most essential ones.
If getting to a more financially secure place is on your priority list right now, I can help guide you! The first conversation is totally free and will get you moving in the right direction instead of stuck in analysis paralysis. Schedule a complimentary consultation HERE and let’s see how I can help you!
