One of the greatest challenges many people face is a medical diagnosis that shakes you to the core. Then, the treatment regimen begins along with frequent visits to the doctor and medication after medication. All these are just part of the journey of recovering and moving forward.
Your health or that of your loved one is the most important factor throughout the journey; but it’s also important to consider your finances. Health insurance may not cover as much as might be expected, and the financial burden can be severe.
According to Gallup, nearly half of Americans fear a major medical event could lead to bankruptcy, and one out of every four people in America said that sometime in the past year, they had skipped medical treatment because of concerns about costs. U.S. Census Bureau data has shown that nearly one in five households in the U.S. carried medical debt – and those figures were compiled before COVID-19 prompted additional medical expenses for many people.
At Regions Bank, we are committed to using our resources in ways that help people maintain and rebuild financial security. Recently, Next Step, the bank’s free financial wellness program, expanded its content to include medical financial hardship courses, providing tools and insights to help people navigate the challenges they face.
The courses are available to anyone, regardless of whether they have a Regions account. They cover the following topics:
• Managing Out-of-Pocket Healthcare Costs: This course delivers tips for obtaining and choosing a healthcare plan, ways to avoid out-of-pocket expenses, and helpful guidance for keeping expenses down – including the importance of preventative care.
• Negotiating The Medical Bill: This course offers steps for examining medical bills, guidance on how to address possible billing errors, and ways to effectively negotiate lower monthly payments.
• Preventing Bankruptcy: This course suggests important points to consider when coping with medical debt, such as understanding repayment options, leveraging medical care advocates, hardship plans, and working with collection agencies.
• Obtaining Relief for Medical Debt: Through this course, information is given on how to evaluate a debt-relief program and topics that should be considered before potentially choosing to file for bankruptcy.
Self-paced Next Step courses are accessible via a mobile device, tablet, or desktop computer. The courses are in addition to helpful articles, as well as podcasts and video content to help people who are facing financial hardships.
The last thing anyone wants to think about while navigating medical issues is money, but getting a handle on what can be large, unplanned medical bills is vital. By expanding our existing content with more resources, we are sharing actionable tips to help people prepare for the unexpected, and that can make a real and valuable difference.
For additional information, visitwww.-regions.com/NextStepMedicalHardship, or stop by any Metro Jackson branch to learn more.
Robert Leard is Metro Jackson Market Executive for Regions Bank
