![]() Do you know that the average individual federal tax refund received last year was more than $2,700? And about three out of every four Americans receive a refund every year? What Will Your Patients Do with Their Tax Refunds?How to Spend Tax Refunds WiselyDo you know that the average individual federal tax refund received last year was more than $2,700? And about three out of every four Americans receive a refund every year? For many taxpayers, the annual refund is the largest single check they receive all year. Why not encourage your patients to use that money to improve their financial health by paying off medical debt?
—Article Continues Below-- The All-Important Emergency FundFinally, advise patients to avoid future debt by creating an emergency savings fund. By setting aside just $500 or $1000 in a special savings account, they’ll have a protective buffer against unexpected medical bills. While most financial experts suggest that the emergency fund should ideally contain the equivalent of three to six months’ salary, even a few hundred dollars can keep your patients from incurring future medical debt. ![]() Then, after they’re free of medical debt, they can use subsequent tax refunds to build up this emergency fund. A Health Savings Account is another option you could suggest, especially for patients who are enrolled in high-deductible insurance plans. HSAs are a tax-free way to help them save for future qualified medical care. Of course, using a tax refund to splurge on luxuries sounds like a lot more fun than paying down medical debt. But encouraging your patients to make the wise choice will help them reap financial benefits, both now and in the future. Comments are closed.
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Credit Service Company, Inc.
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