10 ways to protect your self from bankruptcy caused by prolonged illness.
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10 ways to protect your self from bankruptcy caused by prolonged illness.
Accidents and prolonged sickness can be a drain both emotionally as well as financially. Sometimes money crunch is caused by the inability to hold a job, or when the medical bills escalate and it becomes increasingly difficult to balance expenses. Further, medical insurance may prove insufficient or will not cover long term medications. Life has become such that one needs to think about and plan for any eventuality. Experts recommend the following: 1. Ask your doctor for samples of medication. 2. Often an older drug is effective and cheaper. Request the doctor to write a prescription for a drug that is more affordable. According to studies you can save up to 75% this way. 3. Find out the generic name of the medication and choose to purchase it instead of branded medication —the saving can amount to as much as 70%. 4. Very often companies sell higher dosages of medication for a marginally higher cost. Be prudent, buy the higher dosage and spilt the medication in half, one-third, or quarters. The savings you can make are almost 50 %. 5. Order 90-day supplies in bulk from discount mail order pharmacies or online services. The savings are considerable and many doctors help long term patients reduce costs by putting the patients in touch with distributors. 6. If a particular medication is very expensive ask the doctor to recommend a substitute. This is known as therapeutic substitution. 7. Do try comparison shopping. You will find that the same medication is priced differently in local pharmacies, online outlets, and chain stores. Online pharmacies like http://www.walgreens.com/, www.costco.com , or http://www.drugstore.com/ offer medications at affordable prices. 8. There are several patient-assistance programs that offer free or discounted medication to those who cannot afford long term illness. Companies like Merck have programs that benefit uninsured patients. Medicines are given at discounts of 10-40%. 9. If you or a family member travels frequently you could buy your medicines abroad. Often the same medicine manufactured by the same company is much cheaper overseas. One can also order medicine by mail from Canada where medicines cost 30-50% less than the US. But do check the laws before you attempt this. 10. Start a health saving account where you can save pre tax dollars towards unforeseen medical expenses. This has a high deductible. Find out if you or other family members are eligible. Use an insurance broker who always thinks of you. He must keep you updated on all new developments as far as health schemes are concerned and make sure you reap all the benefits of the insurance scheme. You could also consider a critical illness policy in addition to a regular health insurance. Paul Wilson is a freelance writer for http://www.1888Discuss.com/home-improvement/ , the premier REVENUE SHARING discussion forum for Home Improvements Forum including topics on buying, selling and insuring, automobile, electronics and more. He also freelances for submit free press release http://www.1888PressRelease.com/Legal-0-23.html
Source: www.ArticlePros.com
The Fear of Bankruptcy Is it Misplaced
In UK, declaring bankruptcy was considered to be something that was done by irresponsible people It was like a stigma that one had to carry throughout their lives However, in today’s world, with rising food and fuel costs and reduced buying power of the British Pound, at times bankruptcy may be the logical solution . .If it was a perfect world, you could enter into an Individual Voluntary Arrangement and pay your debts in five years However, we don’t live in a perfect world and creditors don’t want to let you off the hook They may agree on monthly payments that may take decades to pay and yet the loan may not be fully repaid One way of working off debts is by declaring bankruptcy Once bankruptcy is declared, the creditors cannot harass you Alternatively, make you enter an agreement that will leave you stuck paying of loans forever . .A creditor whom you owe more than seven hundred and fifty pounds can or you yourself can file for bankruptcy in a local court There is a hundred and twenty pound court fee However, if you are on an income support program the court can waive the fee You will have to pay two hundred and fifty pounds to the court for administrating your bankruptcy You will need your own lawyer to plead your case . .After the hearing, the court may issue a stay order This means the court needs more time to examine the case The court may dismiss the petition because an administration order will be more appropriate The court may appoint an insolvency practitioner This can happen if your assets are more than two thousand pounds and unsecured debts less than twenty thousand pounds The court can issue a bankruptcy order . .You are declared bankrupt as soon as the court declares it The court may also issue a certificate of administration if your debts are less than twenty thousand pounds and you have not been bankrupt or filed individual voluntary arrangement in the last 5 years This makes the administration of your bankruptcy quicker and simpler . .The official receiver becomes your trustee, and you are discharged from the bankruptcy after two years of the date of the order In case a summary of administration is not made, the bankruptcy order will be discharged after three years . .After bankruptcy, all your assets are handed over to the trustee You cannot deal with your bank or take any loan without informing the trustee You cannot make any direct payments to your creditors You cannot form, own or manage a company without informing the court You cannot hold certain public offices . .After you are discharged from your bankruptcy, you can resume your financial activities without informing the trustee Your credit rating will be rebuilt after six years You will go through this process after bankruptcy However, it may be a more suitable option as you can start with a clean slate The court can also discharge your bankruptcy after a year .
Source: www.rsstnx.com
