Many Americans are at high risk for financial ruin, and medical bills are often the culprit.
Researchers from the American Journal of Medicine found that illness and medical-related costs contributed to 62% of bankruptcies in 2007. Most of those affected were middle-class homeowners.
A study by Fidelity Investments found that health care costs have risen 56% since 2002 and American families spend an average of $535 per month on health care, roughly one-fifth of their total expenses. Only food costs are higher.
Even those with health insurance are not immune. With many cash-strapped employers now opting for the lowest-cost plans, many Americans are paying tens of thousands in out-of-pocket costs. Roughly 75% of bankruptcy filers had health insurance when they became ill.
Health Insurance Is Still a Financial Necessity
The bottom line is that health insurance is a necessity—and a wise financial investment. Without health insurance, if you need extensive testing or surgery, you'll be faced with thousands in medical bills. An ambulance ride alone is enough to bleed your bank account dry.
With health care costs mounting, more Americans are turning to individual health insurance for financial relief. Many Americans with coverage through work find that individual health insurance is often the most affordable option.
If you’re without health insurance, compare health insurance quotes for free with Jason Shroot @ 714-988-3325. You could find a low-cost policy that covers all your health care needs with very little cost or effor.
