The Personal Economic Impact of Medical Costs
When a study published in the National Library of Medicine surveyed 910 people who had undergone bankruptcy, it revealed the true impact of medical expenses and strains on the economic lives of everyday Americans. The majority of respondents, 58.5%, said they “very much or somewhat agree” that medical expenses served as a contributor to their bankruptcy.
While unforeseen medical expenses can have a significant impact on personal and family finances, there are steps you can take now to mitigate the financial risk of healthcare costs.
Does Your Insurance Plan Reflect Your Current Needs?
The first step to understanding your potential healthcare cost burden is to evaluate your current health insurance plan. Does it still make sense for your life, your age, and your finances? Check if the maximum out-of-pocket expenses are more than you can reasonably pay.
In particular, pay special attention to coverage for:
Emergency Room Visits
Specialist Visits
Hospital Stays
If your current plan does not provide adequate coverage for any of the above situations, you could be at risk for a significant disruption to your financial life.
What You Can Do
Our team at Lourie Life & Health are experts at recommending plans that work best for you, keeping expenses and health risks in mind. We can provide information on supplemental critical illness insurance, hospital indemnity coverage, and additional plans with affordable and substantial coverage.
Contact Lourie Life & Health to set up a consultation with one of our agents, who are happy to discuss all your options while providing knowledgeable insights on the process of determining the right insurance for you.