Welcome to SAM’s Emergency Fund Plan Course
DeAnna's healthy 21-year-old daughter, Haley, went away with her college friends to San Antonio for the weekend. The friends had planned many activities, including a River Walk tour.
They did not plan for Haley to suffer appendicitis one night at the hotel. Luckily, her friends got Haley to the emergency room in time for her appendix to be removed before things got too bad.
Unfortunately, DeAnna lives in Arkansas, so she had to tap out her credit card for an expensive, last-minute flight to San Antonio and to pay to stay at a hotel near the hospital.
The stress of her daughter’s medical emergency and the added financial burden of unplanned travel were more than enough for DeAnna — and this was before she received the medical bills for the emergency room visit, surgery and hospital care. Although DeAnna’s insurance will cover some of the costs, coming up with the money to meet her deductible will be tough.
Are You Prepared?
In a survey by the Federal Reserve, only six in ten respondents said they could cover an expense of $400 without borrowing or selling something.