FORUM Credit Union's website works best with JavaScript enabled

Your FORUM Online

Paying for Unexpected Expenses

While we always hope that everything in life will go according to plan, we all know there are hiccups along the way that are usually out of our control. When these setbacks are expensive, it can feel overwhelming. To reduce this anxiety, FORUM would like to help you plan for the unexpected. Whether you have an unanticipated car repair or you have to pay for a costly emergency room visit, we can help you.
According to a poll from, only 37% of Americans said they would be able to take money directly from savings to pay for an unexpected expense. The rest said they would cut expenses, use credit cards, or borrow money from friends and family. * If you don’t already have an emergency fund in place, it’s time to form one. Start by creating a budget and then cutting expenses where you can. You may also consider doing a garage sale or even working overtime for extra money. Try saving $1,000 as quickly as possible.
If  you’d like to save specifically for unexpected health care costs, a Health Savings Account is a great option. This account allows you to save and pay for qualified medical expenses if you are covered by a qualified health plan. Plus, savings are tax deferred. **
If you find that your emergency fund won’t cover your unexpected expense or you don’t have an emergency fund in place yet, FORUM has line of credit options that can help you in a pinch. FORUM offers a low rate MasterCard® Credit Card with cash back rewards. Or, you may be interested in a personal line of credit with credit limits from $500 to $25,000. If you have equity in your home, you may prefer a home equity line of credit. These loans typically have lower interest rates, and the interest may be tax deductible. ***
Unexpected expenses can be draining, both financially and emotionally. Having an emergency fund in place and knowing what loan options are available to you can take away some of the sting and put the control back in your hands.
** You are eligible for an HSA if you are covered under a high deductible health plan (HDHP). In order to qualify, you are generally not covered by another health plan that is not an HDHP, not enrolled in Medicare, and are not claimed as a dependent on someone else's tax return in the year contributions are made.  This is not intended as tax advice.  Please consult a tax professional.
*** The above is not intended to be tax advice, was not written by a tax professional and is informational only. Please consult a tax advisor for your specific situation.