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In December 2024, Mark Cuban took to the social media platform Bluesky to share why he believes the medical system is broken and what the United States can do to fix it.
One of their suggestions included that the government offer free medical schools for all students, thereby increasing the number of medical professionals to shorten long waiting times.
Another of their recommendations was that doctors and hospitals no longer be forced to assume the role of “subprime lenders,” who assume the entire credit risk for unpaid deductibles, copayments, and coinsurance. He emphasized that when patients have unpaid bills, prices increase to offset the costs. He claims this is “why healthcare prices are horrible.”
The US healthcare system is the most expensive and most indebted in the world. But you can protect yourself from unexpected health expenses with or without policy changes.
The United States health insurance system is not perfect, but insurance is essential to cover high medical costs, especially in an emergency. For example, the U.S. Centers for Medicare and Medicaid reports that repairing a broken leg can cost up to $7,500, while comprehensive cancer care could cost hundreds of thousands.
That’s why, in Cuban’s words, medical debt “often leads to bankruptcy.”
The process of finding the right health insurance can be overwhelming. Term insurance is usually a less expensive and more flexible option. If the insured dies during this period, the policy pays a death benefit to the named beneficiaries.
Young families and busy professionals looking for fast, affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, without medical exams or blood tests.
With Ethos Insurance, you get a policy with up to $2 million in coverage, from just $2/day. Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.
The US Census reported that in 2023, 25 million Americans did not have health insurance. It is essential that those without coverage have an emergency fund set aside for any emergency. Even if you have health insurance, emergency funds are still key to dealing with unexpected medical or health costs, especially if you don’t have comprehensive coverage.
You’ll want to make sure these funds are easily accessible, since you never know when you’ll need to use them.
To start, a high-yield account, like a Wealthfront Cash Account, can be a great place to grow your emergency funds, offering competitive interest rates and easy access to your cash when you need it.
A Wealthfront Cash account may provide a base variable APY of 3.75%, but Moneywise readers can get an exclusive 0.50% boost for their first three months for a total APY of 4.25% provided by program banks on their uninvested cash. That’s more than ten times the national savings and deposit rate, according to the FDIC’s September report.
With no minimum balances or account fees, plus 24/7 withdrawals and free domestic bank transfers, you can ensure your funds remain accessible at all times. Additionally, Wealthfront Cash Account balances up to $16 million are FDIC insured through program banks.
Read more: Warren Buffett says you can’t buy time, but owners are finding a way. This is how smart real estate investors avoid 12 hours a month on tedious administrative tasks (for free)
If health insurance seems totally out of the picture right now, there are ways to cut back on it and try to work it into your budget. Cuban is a big fan of budgeting, sharing in a 2023 GQ interview, “I keep a strict budget every day.”
Monarch Money’s expense tracking system simplifies the process.
The platform seamlessly connects all your accounts in one place, giving you a clear view of where you are overspending. It also helps you monitor your expenses and payments in real time.
Whether you’re looking to save, invest, or simply control your spending, Monarch Money offers the tools to help you succeed. For a limited time, you can get 50% off your first year with code MONARCHVIP.
You’ll also want to make sure you get the best rates on home and auto insurance so you can afford to add health insurance to the mix.
Auto insurance payments have increased: The average cost of full coverage auto insurance increased by $2,543 in 2024.
With OfficialCarInsurance, you can compare rates offered by vetted lenders like Allstate, Progressive, and GEICO.
The best part? This process is completely free and will not affect your credit score. All you have to do is enter basic information about yourself and the vehicle you drive to get quotes from as little as $29 per month.
Home insurance rates have increased dramatically in recent years. According to research published by the National Bureau of Economic Research (NBER), average home insurance premiums increased by 33% between 2020 and 2023. That’s a much higher rate than inflation.
Comparing prices can be helpful. A ValuePenguin survey of more than 2,000 consumers found that 54% of homeowners who shopped for insurance reduced their bill, saving approximately $474 annually.
OfficialHomeInsurance.com takes the hassle out of purchasing home insurance. In just under 2 minutes, you’ll be able to explore competitive rates from top insurance providers, all in one place. OfficialHomeInsurance makes it easy to find the coverage you need at a price that fits your budget.
The side-by-side comparison is helping homeowners save an average of $482 on their home insurance policies.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
