Any loss of income is stressful, but when illness is also involved, it can be downright debilitating.  When an illness prevents a person from working, the ability to pay their bills and provide for their families starts to drain away and debt starts to mount.  Because no one can predict how or when an illness will occur, it is difficult to save money for such situations or ensure that a health insurance plan will cover necessary treatments.

But loss of income is hardly the most overwhelming aspect of being struck with an unexpected chronic illness.  Not only does a person need to emotionally work through a new way of life, they need to come up with the finances to pay for personalized health care, prescriptions, and bills for the tests they must undergo.

Over 60 percent of families who are in debt for medical reasons actually have medical insurance, and 75 percent of people who go bankrupt due to medical debts are covered by a health plan.  These statistics imply that with the exclusion of the very wealthy, any American is one chronic illness away from being in major debt.  For any person who finds themselves in such a situation, there are a few positive steps that can be taken toward financial recovery.

1.  Make a budget.  Knowing your numbers can relieve some anxiety and help you decide between essential and disposable expenses.  A budget can serve as a foundation for anyone with a chronic illness because it allows them to feel more in control of their situation.

2.  Review your insurance plan.  It is important to go over one’s available insurance coverage with a fine toothed comb.  Every person should understand their co-payments and deductibles, and be able to ensure that they are getting what they deserve from their insurance company.  Check to see if disability coverage is in the plan, and read all of the terms and conditions.

3.  Consider a short-term loan.  What if a person with bad credit is diagnosed with a chronic illness?  Embassy Loans offers solutions for people in all walks of life, because they understand how easy it is to become trapped by unexpected medical or other expenses.  When Embassy Loans offers a car title loan, bad credit is not a concern.  Their solutions are simple and fast, ensuring that people get the money they need when they need it.