August 30, 2010
Adequately Insured?
I regularly hear stories of people who HAVE GREAT INSURANCE but are still going into bankruptcy due to medical bills – here are a just few things to think about:
1. Employees have more out of pocket exposure than ever before. Co-pays and deductibles are up 115% since 2000. (National Coalition on Healthcare, 2008)
2. 50% of Americans live month-to-month. 74% admit they don’t have an adequate financial safety net. (MetLife Study of the American Dream, 2009)
3. 49% agree that they are more concerned than ever about being able to pay every day bills if they get hurt or sick. (Accelerant Research, 2009)
4. 62% of bankruptcies are caused by injury or illness. For 92% of victims, high medical bills and out-of-pocket costs contribute directly to bankruptcy. 75% have health insurance, own homes, are educated and have typical middle-income jobs. (American Journal of Medicine, 2009)
Digest these figures above and I will be back in 2 days to take a look at the health insurance industry and shine some light on a few things for you.
See you soon
