Medical Bills and how much to pay

iVillage Member
Registered: 12-12-2004
Medical Bills and how much to pay
13
Fri, 09-02-2005 - 12:53am
HI, Danni. I know this may have been addressed before, and I feel silly asking about it. But, how much, if any, do you set aside for "unexpected" medical bills. I dont have one of those programs at work (yet) where you can set aside so much per yr. toward expenses. I did that once, and I didnt have a lot of extra expenses that year, so I "lost" that money at the end of the year. Is it really a good idea to open another account (i.e., savings at another bank) and use it just for that? Whiz.

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iVillage Member
Registered: 10-30-2004
Fri, 09-02-2005 - 7:56am

That's a great question. We have four kids, and our co pay is 15 for office visits. I never know how much to put aside either. My DH does have one of those programs, but I'm afraid to put my money in it for fear we won't use it all. Plus, I'm not really sure what the turn around is on them (like when you ask for your money).

Martha

iVillage Member
Registered: 08-19-2003
Fri, 09-02-2005 - 8:00am

I have a savings accoutn at ING that I put $50 a month minus any co pays or prescriptions from that month.

I also have a savings at ING for Vacation, Home Maintenance, & Emergency Fund. I have a savings attached to my checking for budgeted expenses, auto registration, clothing, shoes, insurance

Hope this helps,

Shannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 01-25-2005
Fri, 09-02-2005 - 8:33am

Shannon,

How many different savings accounts do you have??? how do you organize them? it sounds like what mary hunt says to do, but i'd be afraid i wouldn't know how much to put in and how to organize them if you have one used for several things (vacation, emergency fund, etc.)

Shannon

iVillage Member
Registered: 08-19-2003
Fri, 09-02-2005 - 8:50am

ING
Emergency Funded -funded by payroll deduction
Vacation- add when we have it
HOme Maintenance/repair- add money when we have it
Medical- $50 every month

Local Bank
Checking
Savings -use as "slipping funds" auto, clothing, shoes, etc. funded by payroll deduction

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 04-27-2005
Fri, 09-02-2005 - 12:37pm
We "save" $40 a month for medical bills. I say "save" because I pay with my cc and we owe for bills and between my pills and my dh's medication, we only have $10/left a month. We are trying though!
iVillage Member
Registered: 09-22-1999
Fri, 09-02-2005 - 3:17pm

If you are unsure, you can base your decision on your expenses for the last 12 months

-----or-----

Here is the formula I use:

1. How much are the prescriptions you use regulary each year x 12

2. Add $50 for anti biotics or some one-time prescription

3. Add all the expenses you incurred for regular doctor visits/ mental health visits in the last 12 months

4. Add all the expenses for unusual doctor visits like flu, strep, etc...

5. If you think you are going to experience a large problem in the next year, add $500 for that (like an emergency)

6. How much were your expenses for the dentist?

7. How much were your eyeglasses/contact last year?

8. Divide the above by 12 = how much a month to put away or to put in the spending account.....

This is my formula......in fact, I figured it out this morning....
I hope this helps!

Littlesbigs

iVillage Member
Registered: 12-12-2004
Sun, 09-04-2005 - 1:46am
Hi, Shannon. Thanks for info. I need your help, please. My medical expenses are mounting fast, with more tests on the horizon. ING. Is that through work? Did you set up an automatic debit through work, or did you do it on their website, on your own? I could probably do the $50.00/month but not much more. I cut down my 25% per month contributions to 15%/month toward the 403b gig, to free up $$$ to put more in my paycheck, for now, for medical expenses. Can you use this $$$ for ER/Docs, or any medical expenses? Thanks for advice, and hugs in advance. Whiz.
iVillage Member
Registered: 12-12-2004
Sun, 09-04-2005 - 2:04am

Hi, littlebigs. Thanks for the breakdown. Here is what I have so far:
l) $100/month to savings account. It is debited from my checking account each month. No earmark for anything, used for everything. In other words, it is a "raiding" account (!)
2) Credit union. $200/month. It is down to "0". Why? Because I used it to pay for medical stuff, b-d stuff, etc.
3) Checking account. Where my paycheck is direct deposit.
4) 403B. Was deducting 25% of my paycheck each week to it. Have about $13K in it for the year. Was hoping to get to the $18K (max you can put in this yr) But, I lowered it to 15% per paycheck because of medical expenses. Can change the amount anytime on website.
5)Another mutual-fund type of thing at work that I put $200/pay period or so (it changes each month, based on what I work). Have about $3000 so far this yr in it. No max on what I can put in.

That's it. As you can see, I dont have an account for "medical" expenses. So, do you have a separate "savings" account that you set up just for that? Thanks. WHiz.

iVillage Member
Registered: 08-19-2003
Sun, 09-04-2005 - 9:23am

Ing is an online bank, www.ingdirect.com. When you open a savings they give you $25, and then $10 for anyone else that you refer that opens an account. You do not need minimums on the savings so its easy to keep several. I do payroll deductions every week that fund the account. And then when we have prescriptions & copays I pull the money out of this account. Most months we do not use the full amount, so when we need things that are not covered by our insurance (we have a deductable) the money is usually already in the account.

If you need a referral, email me your email address, first name, and last name initial (full last not needed). You can email me through ivillage.

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 08-19-2003
Sun, 09-04-2005 - 9:29am

l) $100/month to savings account. It is debited from my checking account each month. No earmark for anything, used for everything. In other words, it is a "raiding" account (!)
2) Credit union. $200/month. It is down to "0". Why? Because I used it to pay for medical stuff, b-d stuff, etc.

It may be easier to split this into categorys using different accounts, medical , emergency , vacation , raiding account(gifts, blow)for example . That way you can clearly see the name before you take the money out.

4) 403B. Was deducting 25% of my paycheck each week to it. Have about $13K in it for the year. Was hoping to get to the $18K (max you can put in this yr) But, I lowered it to 15% per paycheck because of medical expenses. Can change the amount anytime on website.

I do not know what your debts are off the top of my head, but I personnally would be tempted to drop this to 3% and use the difference in your pay as snowflakes for a few months.

Shannon


Pregnancy%20ticker

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