Jun
11
2009
Medical Bills Cause Large Percentage of Bankruptcy
Author: Byron UdellAccording to Reuters, a recent report shows that medical bills are the cause of more than 60 percent of U.S. personal bankruptcies.
More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.
The burden of medical bills lies with the immediate family and the estate if the event that the person passes away. Having a term life insurance policy can help with these expenses once the person is deceased, leaving the family with more of the estate. Medical costs continue to rise in the U.S. that’s why it’s important to protect yourself and have the appropriate medical insurance, but also think ahead. You never know what tomorrow brings. That’s where a life insurance policy can help. It’s an essential part of a solid financial plan.
Tags: Health Insurance
June 12th, 2009 at 5:41 am
This is one of the biggest reasons for people to keep health insurance coverage. I worked at a hospital where a gentleman was admitted with a rare disease which could only be treated with a certain (very expensive) medicine. His two+ week stay cost over 2 million dollars… and he had no insurance! It really can lead to bankruptcy, and it’s not pie-in-the-sky. This type of thing happens a lot.
Jerry