Photo Credit: Christophe rolland/istock

Text Size:

Although you may have managed your budget to accommodate health insurance or it was a benefit of your job, there is a chance that you do not have the funds or lose your job. If you lose your health insurance while or right before you experience health problems, you may have to pay out of your own pocket, which can add up and lead to further financial issues such as debt and bankruptcy. If this is the case, one consideration is the “hardship withdrawal” from the 401 (k) plan. The IRS eases tax penalties if you can prove you’re withdrawing money to pay costly medical bills. There also may be other options, such as coverage for your children under public health programs like Medicaid or state health care programs. There are also charitable organizations that may be able to help you in some situations.

Comments / Post a comment