Americans purchase health insurance to avoid financial ruin in the face of a catastrophic illness. However a recent survey of people who have had medical emergencies show that health insurance seldom offers the financial protection many had hoped for.
Unfortunately, most people do not know what they are in for when they turn to insurers in a medical crisis. More than a third of people that fall seriously ill wind up spending most of their savings while they are sick and get behind on just about every medical bill, largely due to holes in health care coverage.
While health insurance provides some coverage, most people have significant co pays and deductibles and may have to pay for treatments the insurance company denies. Compounding the problem is that many who are struggling with a serious illness are unable to work, which health insurance simply does not address.
The experience of those who have struggled with a serious illness should serve as a warning to all of us. A recent survey of patients and their families reveal that:
- More than 20 percent have trouble paying for basic necessities
- Twenty five percent have bills in collection
- More than 10 percent have borrowed money
- Nearly 5 percent have sought bankruptcy protection
- Over 50 percent say illness interrupted their work
Health insurance often fails in its basic function when serious illness strikes, leaving families in a difficult financial situation. Sadly, whether they have health insurance or not, sick Americans can be left destitute following a medical crisis.
When health insurance is not enough and you are struggling financially due to an unexpected medical emergency, bankruptcy protection may be a good strategy for you. If you have other unforeseen problems such as a job loss or reduction in pay, bankruptcy protection will help you get a fresh start. Contact the Peoria bankruptcy law offices of Charles E. Covey for a free consultation to discuss your situation today at 309-674-8125.