Whether you’re planning an elective surgery or your doctor has recommended surgery for your health, you need to understand how it will impact your wallet. Surgeries are notoriously expensive, even when you have insurance to cover most of the costs. However, it’s not just about the price tag of the surgery. There are various factors that you will need to consider long before your procedure to ensure that the surgery doesn’t undo years of financial planning and savings. So, let’s look at a few ways to help you budget for future surgeries.
How to Budget For Surgeries
Make Arrangements With Your Job
You should always make sure that your employer knows if and when you’re getting any major medical procedures done. This way, there won’t be any confusion if you need to take a few extra days off of work. If you’re self-employed, you’ll still need to tie up any loose ends with clients or vendors before you go in for surgery. Going into surgery without any work-related stresses will give you much greater peace of mind.
For example, let’s say that you’re going to get a bunion surgery and you work in a position that requires you to do some manual labor. While it is not a high-risk procedure, you will still need some recovery time off work after bunion surgery. Once you’re back at 100%, you can return to your workplace with confidence.
Know the Details of Your Surgery
If you’re getting surgery, you need to be well-versed in every aspect of the procedure — from preparations to recovery. For example, do you need to eat or avoid certain foods before the surgery? Will it be an inpatient or outpatient procedure? What’s the recovery time? Will you be able to continue work right after the surgery? Will you be able to recover at home or will you need to stay at a medical facility? What are the risks involved with the surgery?
These are just a few important questions that you need to ask your surgeon. Knowing the details can help you get a better idea of the extra costs that may result from the surgery. For example, if there’s a chance that you’ll need to spend an extra day or two in the hospital recovering, you’ll need to factor those costs into your budget.
Talk to Your Insurance Provider
If you’re getting elective surgery, you probably won’t get much help from your health insurance plan. However, if you need surgery for a medical reason, you will need to talk to your insurance provider to see exactly how much of the costs will be covered. Every insurance plan has fine print, so you should never assume that you’re covered without checking with your provider first.
In fact, talking with your provider and your surgeon are the only two ways to find out the exact costs of the procedure. Otherwise, it would all be guesswork. Fortunately, once you’ve got an exact quote and you know how much your insurance is willing to pay, you can make a budget, save money, and figure out how much you’ll need to contribute.
How to Budget For Surgeries is a feature post