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Medical Bills Cripple Family Finances

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Oct 12, 2009 2:19 pm US/Mountain

Medical Bills Cripple Family Finances

 Form: Apply For A Money Makeover From CBS4

Written by Suzanne McCarroll
LOVELAND, Colo (CBS4) ― A hard working family was hit hard with medical bills and fell behind financially. The Langs asked CBS4 News for a money makeover.

Saving money in the Lang house is a family affair. Mom, dad and all three kids form an assembly line to make school lunches in an ongoing effort to save money. And sadly, worrying about money is a family affair too. Both Paul and Lisa Lang have full-time jobs and a steady job history. But they didn't have an emergency fund when a series of medical emergencies hit.

"I had a pulmonary embolism and was in the hospital for a week in I.C.U." said Paul Lang.

He had medical insurance but the loss of income and the medical co-pays stacked up.

One year later, Lisa Lang had a heart attack. There was more lost wages and a growing pile of medical bills despite the fact she, too, had health insurance.

"It seems like we work an awful lot and when we get our paychecks, it disappears" said Paul Lang.

"What has happened to them can happen to anybody," said Certified Financial Planner James Dawson of Raymond James Financial Services, Inc.

Dawson studied the Langs' finances and saw little frivolous spending, lots of hard work, and just some plain bad luck. The good news is he had a plan for them to regain their financial good health.

-- Consolidate their credit card debt to reduce the interest they're paying.

-- Get rid of cable T.V.

--Reduce their $200 family cell phone bill.

--Consider taking out a loan against Lisa's 401(k) to pay off their medical bills.

--Start an emergency savings account for the future.


Back at home in Loveland the kids are happy to help save money because everyone in the family realizes the fact that mom and dad survived two serious health is issues is what matters most in life.

Contact Us

CBS4 is looking for Colorado families who would be willing to be subjects of our Beating The Recession: Money Makeover series. Families who are interested getting financial advice -- free of charge -- from a financial advisor should please fill out our form to be considered.

(© MMX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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