A Serious Illness Can Bankrupt Even the Most Financially Responsible – How To Protect Yourself

Doctor showing medical chart to patient who is lying in hospital bedOver the last 150 years, average life expectancy in the United States has doubled, from 35 to 40 years of age to about 80. While better nutrition, improved sanitation, and vaccinations and effective treatments for once-fatal childhood diseases have made it possible for everyone to live longer, healthier lives, humans are still susceptible to serious illnesses such as heart attacks, stroke, and cancer. Patients are far more likely to survive these diseases now than they were 150 years ago, or even 10 years ago, but modern medical advances have a high price tag attached. Healthcare costs are rising faster than inflation, and even those lucky enough to have employer-provided health insurance are seeing increased cost-shifting from employer to employee.

While health insurance reduces out-of-pocket expenses, it does not eliminate them, and it does not cover your living expenses should you become too sick to work.

What’s Your Risk?

According to the Centers for Disease Control and Prevention, heart disease is the leading cause of death in the United States, followed by cancer, chronic lower respiratory disease, and stroke. Although there is no guarantee that any individual will personally fall prey to these diseases, the consequences of a serious illness can be devastating to both your health and your pocketbook. It is wise to insure against them to protect your household’s finances.

Female patient getting serious diagnosisHow Critical Illness Insurance Protects You

Even with the enhanced coverage mandated under Obamacare, out-of-pocket costs are as high as 40%, with annual maximums of $6,350.00 for an individual and $12,700.00 for a family. Meanwhile, Prudential reports that about half of all American households have less than $10,000.00 in savings. Combine these expenses with the possibility that you may be too sick to work while undergoing treatment, and it’s easy to see how a serious illness can bankrupt even the most frugal, financially responsible household.

Critical illness coverage provides lump-sum cash benefits paid directly to you. You are free to use the money however you wish, on medical bills, living expenses, or both. You can even use the money for travel expenses if you need to undergo treatment far from home. The bottom line is that you can concentrate on getting better instead of scrambling to pay your medical expenses and basic bills.

Woman undergoing MRIWhat Does Critical Illness Insurance Cover?

Health-Life-Dental-Insurance.com offers critical illness policies that cover such diseases as invasive cancer, heart attack, stroke, kidney failure, heart valve surgery, paralysis, major burns, loss of limb, coma, and major organ transplants, with partial benefits paid for advanced Alzheimer’s disease, coronary artery bypass grafts, and non-invasive cancer. For maximum protection of your household’s finances, critical illness coverage can be combined with a life insurance policy.

How Much Coverage Do You Need?

Because treatment for a critical illness can stretch into months or even years, Health-Life-Dental-Insurance.com recommends purchasing $20,000.00 to $30,000.00 worth of critical illness coverage, or twice your regular health insurance deductible and out-of-pocket expenses.

Click here to learn more about our critical illness policies and get a quote online, or call 1-800-257-1723 to speak directly to one of our professional insurance agents.

Mark Deschenes

Author Mark Deschenes

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