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In December of 2024, Mark Cuban took to social media platform Bluesky to share why he thinks the medical system is broken and what the U.S. can do to fix it.
One of his suggestions included the government offering free medical school for all students, thereby increasing the quantity of medical professionals to shorten lengthy wait times.
Another one of his recommendations was that doctors and hospitals stop being forced into the role of “subprime lenders,” who bear the total credit risk for unpaid deductibles, co-pays, and co-insurance. He emphasized that when patients have unpaid bills, prices are raised to offset costs. He claims this is “why healthcare pricing is horrific.”
The U.S. healthcare system is both the most expensive and the most in debt in the world. But you can protect yourself from unexpected health expenses with or without policy changes.
The U.S. health insurance system is anything but perfect, but insurance is critical to cover high medical costs, especially in an emergency. For instance, the U.S. Centers for Medicare & Medicaid report that fixing a broken leg can cost up to $7,500, while comprehensive cancer care could cost hundreds of thousands.
This is 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 individual dies during this term, the policy pays a death benefit to the designated beneficiaries.
Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.
With Ethos Insurance, you get a policy with up to $2 million in coverage, starting at just $2/day. Ethos’ application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.
The U.S. Census reported that as of 2023, 25 million Americans did not have health insurance. It’s critical that those without any coverage have a ‘rainy day’ fund set aside for any emergencies. Even if you do have medical insurance, emergency funds are still key to coping with unanticipated health or medical costs — especially if you don’t have complete coverage.
You’ll want to make sure these funds are easily accessible, given you never know when you’ll need to use them.
To get started, a high-yield account, such as a Wealthfront Cash Account, can be a great place to grow your emergency funds, offering both competitive interest rates and easy access to your cash when you need it.
A Wealthfront Cash Account can provide a base variable APY of 3.75%, but Moneywise readers can get an exclusive 0.50% boost over their first three months for a total APY of 4.25% provided by program banks on your uninvested cash. That’s over ten times the national deposit savings rate, according to the FDIC’s September report.
With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $16 million are insured by the FDIC through program banks.
If health insurance feels totally out of the picture right now, there are ways to trim back and try to fit it into your budget. Cuban is a big fan of budgeting, sharing in a 2023 GQ interview, “I keep a strict budget every day.”
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 the code MONARCHVIP.
You’ll also want to ensure you’re getting the best rates on home and auto insurance so that you can afford to add medical insurance to the mix.
Car insurance payments have been on an upswing, with the average cost of full coverage car insurance rising by $2,543 in 2024.
The best part? This process is completely free and won’t impact your credit score. All you have to do is enter some basic information about yourself and the vehicle you drive to get quotes from as low as $29 per month.
Home insurance rates have risen dramatically over the past few years. According to research published by the National Bureau of Economic Research (NBER), average home insurance premiums jumped 33% between 2020 and 2023. That’s a rate far greater than inflation.
Shopping around for rates can help. A ValuePenguin survey of over 2,000 consumers found that 54% of homeowners who shopped around for their insurance reduced their bill, saving roughly $474 annually.
OfficialHomeInsurance.com takes the hassle out of shopping for home insurance. In just under 2 minutes, you can 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.
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