10 Ways of Saving Money That Never Work for Anyone

LETTING YOUR HEALTH INSURANCE LAPSE

When times are hard, it’s tempting to stop paying premiums and let your health insurance lapse, particularly if you’re young and healthy and can’t imagine ever getting sick. The problem with that is anyone can be injured or hit with a serious illness that requires medical treatment.

According to the government website HealthCare.gov, an injury as simple as a broken leg can cost up to $7,500 in medical costs. A typical three-day stay in the hospital will cost you about $30,000. The cost of treating cancer can reach hundreds of thousands of dollars. You’re better off playing it safe and buying health insurance, which will help cover those costs.