Medical bankruptcy will still happen
Even with 100% medical insurance, medical bankruptcy will still happen. The report regarding the increase in medical bankruptcy only looks at one portion of the picture and that is the medical expenses that are not covered by medical insurance. [MPR News: Study: Bankruptcies linked to higher medical bills] These are items such as copays and deductables. Changing medical insurance so that it pays 100% will not eliminate bankruptcies.
The reason is that when a person has a serious illness or accident, he is not working and not receiving a paycheck. Without a paycheck there is no income to pay bills such as groceries, mortgage and car payments. Medical insurance does not pay these bills, so even with great medical coverage a person can still go bankrupt.
How many of us can live without a paycheck for a few weeks or months?
There is a solution and that is supplemental insurance from companies such as AFLAC. Supplemental insurance pays cash to the sick person. This cash can be used able to pay the everyday living bills.
The more complete answer to the elimination of medical bankruptcies is having enough money saved up to be able to pay all your bills, medical and everyday. Just changing medical insurance so that it pays all the medical bills is not nearly enough.
Marianne Goren
Shoreview, Minn.
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