The Affordable Care Act (ACA) and pressure on private health insurance plans has driven unprecedented change in the health care industry. Deductibles, co-pays and co-insurance are skyrocketing almost as fast as the rates are. Many parts of the country have seen an increase of 50% or more for major medical premiums.
A 2015 Harvard study found that the leading cause for bankruptcies (just over 60%) was due to medical expenses. The surprising finding of this study was a majority of the people that claimed medical bankruptcy had medical insurance.
The reality is that most families don’t have the savings necessary to withstand the financial chaos that can accompany serious medical conditions. Often there is a double loss of income as a healthy spouse stays at home to care for the injured or ill spouse. When children are involved, the family comes to a standstill, but the rent, electric bill and car payments keep coming.
The financial strain can also lead to emotional damage. This is why many insurance agents talk about the triple threat of serious health conditions. The disease damages the body, the finances, and the emotions. A good insurance policy can’t fix all of the emotional damage, but it can at least ease the stress of financial worries.
Voluntary Benefit companies have helped people keep their creditors at bay for over 75 years. Often the real cost of a serious illness or injury is not the medical bills. Typically, after a serious accident or illness, family expenses skyrocket and income plunges. Most families are left with devastating financial challenges.
There are a myriad of Voluntary Benefits policies offered by a few dozen insurance companies. Most often these policies are purchased through an employer via payroll deduction.
As a consumer, you can’t always protect yourself physically from serious accidents or illness. You can make sure that you protect your family from the devastating financial realities that often ensue. Most consumers purchase Voluntary Benefit policies to make sure that after a serious incident they can keep food on the table, gas in the car and a roof over their head.
Tim Martin is co-contributor to this press release. Reprinted with permission and first appearing on http://successisvoluntary.com/