Question

Ryan has been very sick, so he’s had a lot of medical bills the past few months.

He’s not used to paying so much for medical expenses.
What type of expense is Ryan dealing with?

Answer 1

Ryan is dealing with medical expenses, a type of emergency expense that can be a financial burden even with insurance due to deductibles, co-insurance, and co-payments.

Step-by-step explanation:

Ryan is dealing with medical expenses, which fall under the category of unforeseen or emergency expenses. These expenses can arise from incidents like a sudden illness or an accident that results in high healthcare costs.

Despite having a household budget and savings, such unexpected expenses can stress one's finances, especially if the medical costs are only partially covered by insurance.

Typically, health insurance plans include deductibles, co-insurance, and co-payments, which means that even with insurance, Ryan may have to pay out of pocket for a portion of his medical bills.