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Many people are not ready to afford the high and erratic costs of healthcare. According to a Federal Reserve Board of Governors poll, 28% of people in 2022 did not get any medical care because they could not pay for it. Additionally, 23% of people reported experiencing an unexpected medical event in the previous year, with a median expense of $1,000 to $2,000. There are things you can do to minimize the impact that medical expenses have on your life and your budget if the idea of such an expense worries you about your financial situation. In order to better control your present and future medical costs, follow these five steps:

• Make an emergency fund

Being able to pay for an unexpected medical bill or other unforeseen expense is made possible by having an emergency fund that is three to six months' worth of expenses in a liquid account. If that sounds like a lot, consider putting aside a smaller sum every month, perhaps as little as $25 a week. You won't believe how rapidly your savings stack up after you make that habit.

• Pick the suitable insurance package

Choosing your health insurance in UAE plan is one of the most crucial choices you can make when it comes to controlling medical costs. During open enrollment season, make sure to weigh all of your options (including those via your spouse if you're married) in order to select the plan that best suits your family's needs. The entire range of possible out-of-pocket expenses, including premiums and deductibles, your family's medical demands, and whether your preferred physicians are in-network, are all factors to take into account. Make a wise choice when choosing healthcare insurance UAE. Policyhouse.com ensures the best health insurance in UAE for all our people and makes it more suitable for them with professional assistance.

• Taking care of yourself

Although it won't promise against costly medical events, leading a healthy lifestyle can minimize your risk. It's an easy way to save on healthcare costs if consumers can just keep in mind things like getting adequate sleep, having a healthy diet, drinking water, and exercising. Getting the proper preventive treatment is another aspect of taking care of oneself. Annual physicals and cancer screenings are examples of preventative care that health insurance in UAE plans are required to cover in full. In the long run, getting this type of care can save you money since your physician can find and manage risk factors that, if unchecked, could result in expensive surgery or medicine.

• Benefit from tax breaks

Your employer may also provide you with access to a health savings account or flexible spending account in addition to healthcare insurance UAE. Both allow you to save money (before taxes) for qualified medical costs. Exclusive to those with high-deductible health plans, these accounts offer the further benefit of an annual rollover, allowing you to utilize them to save for future medical costs and avoid paying taxes on the increase in your investments. But remember, at the end of the year, you forfeit any money that was not spent in an FSA account. 

Additionally, you might be eligible to write off medical expenses if they exceed 7.5% of your income and you itemize your taxes. However, this does not apply to medical costs that you have paid for with your FSA or HSA funds. Additionally, you might be eligible to write off medical expenses if they exceed 7.5% of your income and you itemize your taxes. However, this does not apply to medical costs that you have paid for with your FSA or HSA funds.

• Make future plans

As crucial as it is to take care of your health and medical bills today, you also need to have a plan in place for potential future healthcare costs. By maximizing your HSA and setting aside as much money as you can for your retirement, you can get ready for it. The cost of treatment in a nursing home or rehabilitation center may be minimized if you get long-term care with the best health insurance in UAE. Health care requires that it come up when you start thinking about retirement and future financial planning.