Monmouth's Ask the Doctor May/June 2019

..continued from page 62

F I N A N C I A L H E A LT H

That means you have time to resolve billing issues, so don’t feel pressure to pay until you’re confident it’s the right amount. If it looks like you’re saddled with a pricey bill, negotiating is one avenue to explore to curb current and future out-of-pocket medical expenses. Contrary to popular belief, you can negotiate with the hospi- tal if you can’t afford your bill. Many medical providers are willing to work out a payment plan or lump sum settlement if you can’t afford the full amount. Health care needs change as you age. If you find yourself repeat- edly facing big bills you can’t quite afford, consider switching from a high-deductible health care plan (HDHP) or low-tier standard plan for more robust coverage. You’ll pay a higher monthly premi- um for that plan, but the move is sometimes worthwhile. Keep in mind, you can’t change health care plans at any point in time. You need to wait for open or special enrollment at your workplace or on the federal and state health care exchanges. If you can’t afford a higher premium or prefer to stick with your HDHP, consider open a health savings account. HSAs are tax-ad- vantaged savings accounts that allow you to save for future med- ical expenses. They also serve as a de facto supplemental retire- ment account, given the funds roll over from year to year and you can make penalty-free withdrawals from your HSA for any reason once you turn 65. Lastly, you should save all records related to your hospital visit for future reference, even if you think the issue has been resolved. Save your bills, your EOB and any other paperwork. If you have to sort out any issues in the future, keeping good records will prove valuable.

To find investing-life balance, work with a professional You know what you want retirement to look like, and leaving a comfortable legacy for your loved ones is a priority. But free time feels a lot less free when you spend more time than you’d like managing your investments. Working with a professional portfolio manager can help you find the right balance between living life and investing for the future. Call for a complimentary portfolio consultation.

Ricardo Rivers, MBA Associate Vice President – Investments

989 Lenox Drive, Suite 200 Lawrenceville, NJ 08648 Direct: (609) 896-4623

ricardo.g.rivers@wellsfargoadvisors.com fa.wellsfargoadvisors.com/ricardo-rivers

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. © 2016 Wells Fargo Clearing Services, LLC. All rights reserved. InvestmentandInsuranceProducts: u NOTFDICInsured u NOBankGuarantee u MAYLoseValue

A2080

0218-04945

www.GuntherPublications.com

Publishing Enterprises, Inc. GUNTHER

63