Medical Bankruptcies The Growing Reality
Keywords: precedent, health insurance, affordable health insurance texas, health insurance dallas, texas, health
Catastrophic illnesses are claimed to have triggered approximately half of all personal bankruptcies in the United States. According to recent findings from a Harvard University study, most people who go bankrupt because of medical problems also have health insurance. Researchers found that many private insurance plans that offer limited catastrophic coverage were inadequate and offer little financial security for less severe illnesses.
Questionnaires were distributed to 1,771 bankruptcy filers in 2001 in California, Illinois, Pennsylvania, Tennessee and Texas. According the study, a total of 1.46 million personal bankruptcies were filed in the United States during 2001.
Nearly 1,000 individuals questioned gave detailed interviews about their financial and medical circumstances. Sickness and rising medical bills were cited as the cause, in part, for 46.2 percent of the personal bankruptcies. The numbers grew to 54.5 percent when an additional three other factors were included as triggers for medical-related bankruptcies. The study assessed that medical bankruptcies currently affect approximately 2 million Americans annually, including 700,000 children.
The study also cited that a majority of individuals looking for court protection from creditors had health insurance, with more than three-quarters reporting they had coverage at the beginning of the health catastrophe that triggered their bankruptcy. The study also found that 38 percent of the participants had temporarily lost coverage by the time bankruptcy was filed, with catastrophic sickness or injury frequently leading to both job and insurance loss.
Unfortunately, it’s become apparent that, for many Americans, serious illness often leads to job loss, which also means loss of health insurance. High-priced coverage through COBRA, while well intentioned, is meaningless if people can’t afford to pay for it. Bankrupt families also lose more than just assets. One out of five families goes without food. A third had their utilities shut off, and nearly two-thirds skipped needed doctor or dentist visits.
The study’s findings also indicated medical-related bankruptcies often hit middle-class families hard; with 56 percent of the filers being college graduates who owned a home. The study did not, however, examine how many bankruptcy filers were from dual-income families, where both partners had medical insurance.
The Harvard findings echo previous studies which have generally reported that a majority of bankruptcy filers cite medical problems as a primary cause of bankruptcy, as well as other factors, including easy credit, job loss and financial mismanagement.
Many health insurance experts suggest that the Harvard study did not adequately explore the role disability income protection plans and personal savings can play in helping individuals with medical problems avoid bankruptcy.
If you’re uninsured, concerned about your current individual health plan’s catastrophic coverage, or simply tired of paying an arm and a leg for major medical health insurance, you should take a look at the revolutionary comprehensive individual health insurance solutions created by companies specifically for young, healthy individuals.
Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance. Learn more at www.precedent.com
Previous Articles Highlighter:
'Marked Growth' In High Loan To Value Mortgage Uptake (1)
The market is still buoyed by a healthy level of first-time buyers who are confident in their financial security." Despite the affordability of property being viewed as "a major issue" for both first-time buyers and existing homeowners, the level of those looking to get onto the housing ladder for this first time was reported to have stayed consistent.
Stopping Smoking And Summer Budgeting 'Could Ease Finances' (2)
It's important that families try to set aside some extra cash in advance of the summer holidays, just in case." Holidays abroad were reported to be the biggest constrain on Britons' summer finances, accounting for an average of 737 pounds.
UK Has 'Higher Than Average Inflation' (3)
Meanwhile, hikes by utility providers were attributed to the rising prices in the wholesale oil and gas markets. Following such rises, a recent survey by Barclays and children's charity NCH discovered that increasing costs are impacting upon consumers' day-to-day personal finances.
Newer Articles Highlighter:
The High Deductible Health Plan - What Is It And How Does It Benefit Me? (1)
When you enroll in an HDHP at work, it may be coupled with an HSA or a Health Reimbursement Arrangement (HRA), the latter of which is funded solely by the employer.
Insuring Yourself In A Changing Economy (2)
With the evolving nature of employee benefits, you should take a look at the revolutionary comprehensive individual health insurance solutions created by companies specifically for young, healthy individuals. Pat Carpenter writes for Precedent Insurance Company.
Britons 'Get Carried Away' With Holiday Spending (3)
However this proportion increases among older consumers, with 13 per cent of the over-55s having at least five holidays each year. "With holidays just a mouse-click away, the temptation to get away from it all has never been greater," Mr Dalzell added.
House Price Growth 'Slowing' (4)
Commenting on the figures, Fionnuala Earley, Nationwide chief economist, said: "As per the first quarter of 2007, Northern Ireland and London led the market during April-June, with annual price growth reaching 54 and 15.7 per cent respectively." However, she added: "Even London and Northern Ireland - the two most buoyant regional markets - saw the quarterly pace of house price inflation slow." Meanwhile, the north-west was said to have seen the lowest growth during the three-month period with prices rising by 5.8 per cent.
Put Your Agent To The Test (5)
You would get a second opinion first and then ask for references of successful procedures they've accomplished. Selling your home and hiring a real estate Agent to do so is no different and deserves a little effort in the beginning to ensure that you enlist the help of the very best Agent available- one who will sell your home for the highest price in the shortest amount of time.
Establishing Credit Though Student Credit Cards (6)
Therefore, it is essential that students all have a budget in place before using any credit card. Overall, student credit cards are a great thing to have. For college students and high school students, such cards are a great way to learn responsibility, as well as the sense of freedom.
Student Loan Default - Avoid It With These Easy Steps (7)
This is a great program which enables a longer payment grace period than normal, especially when there are severe financial difficulties. It can also be used in any quite unexpected and impactful situation that might have caused a significant disruption.
Get The Best Debt Relief From A Free Debt Consolidation Program (8)
Various sites provide such programs. Only check the genuineness of the site before committing. If you are thinking that with a past of bad credit why would anyone trust you with another loan?
Mutual Funds Make Investing Simple (9)
There are literally trillions of dollars of American money currently invested in mutual funds. Funds have made investing for the average investor a little less complicated. A person no longer has to sift through stocks individually in the newspaper or spend hours watching the financial news on television.
Offer A Vendor Equipment Leasing Program To Enhance Sales And Profits (10)
The referral business is more profitable because it provides a steady stream of deals from clients who are looking to acquire equipment now and need financing. 3. Because maintaining the relationship with the equipment supplier is critical to profitability, they will do everything in their power to keep the approval rate high and the lease rates low.
What Is High Risk Home Owner Insurance? (11)
They find that they are having trouble getting approved or the monthly premiums are higher then they are normally used to. One reason this can happen is either the owners or the home itself has been designated as high risk.
Borrowing Should Be 'Structured In Best Way Possible' (12)
"If you choose to spread your repayments over a longer period you may end up paying more interest so it's important that you fully understand the choices you are making," she commented.
Student Loans Also Known As PLUS Loans (13)
A statement of APR (Annual percentage Rate) contains all possible types of fees and it is provided when the loan is granted. It should be used to compare the overall interest and fee when comparing the loans.
Real Estate Financing - What You Need To Know About Home Mortgages Before You Commit (14)
If you're buying a second home or property, you will need to identify the sources for your down payment, since you'll not be selling your current house and using the proceeds, and you'll need to expect larger monthly payments for housing or any other expenses too.
Getting Engaged? How Should You Handle Health Insurance? (15)
When you're planning the wedding of your dreams, you should also shop carefully for the right health insurance plan for both of you. Look for high-quality individual health insurance at affordable rates, specifically created for young, healthy individuals.
7 Cash Flow Steps To A Healthy Budget (16)
But if we look at a budget in a different light then maybe it will be easier to live with what it is. And all it is is a cash flow plan.
Considering Health Savings Accounts (17)
If you're covered by another health insurance policy that isn't a qualified high-deductible plan (either as an individual or a dependent), you're not eligible for an HSA. If, however, you are eligible, you can still carry other accident, disability, dental, vision and long-term care insurance policies.
Eight Ways To Save Money On Gas (18)
3. Consider public transportation. So many opportunities exist for convenient public transportation. You may be able to get some work done en route, too (or, at the very least, some peace and quiet before and after your work day.) 4.
Business Finance Resource Availability Issues For Telecommunications Companies (19)
As you may have experienced, most of the major financing companies out there just plain do not understand how telecommunications businesses work. Unless you are AT&T, or another large telecommunications company, with a monthly billings total of over 5 million dollars, most typical business finance resources are not that interested in talking to you.
Is Your Identity Stolen? - What You Should Do (20)
So how do you know if your identity has been stolen? The warning signs may include: Your mail does not reach you Unusual details or charges on your account You receive unexpected calls from creditors You receive notices for a new credit card You have been denied credit What should you do?
The Importance Of Having Umbrella Insurance (21)
Keywords: umbrella insurance At some point, you have probably heard of umbrella insurance, but have no idea what it is. Well, first off, it does not cover the umbrella you protect yourself from the rain.
How To Pick A Good Home Owner Insurance Company (22)
Before you choose a home owner insurance company, check out a few independent research companies first. Independent research companies thoroughly examine home owner insurance companies and give them ratings based on certain factors.
Your Credit Report And Credit Score (23)
Your creditors and lenders actually provide such bureaus with information about your accounts like account status, credit limit, status of monthly payment, account balance and other information necessary to identify your credit worth.
The Personal Financial Budget Is The Door To Financial Freedom (24)
A solid cash flow plan can also help break the cycle of debt that the people of this country, the United States, are struggling with. If you are struggling with money and are unsure of where your's is going then the first step you need to take is the creation of your own personal financial budget.
What Is A Mortgage Refinance? (25)
If you do have bad credit your options may be more limited but if you can get a lower rate make every effort to stay current on all your payments which will help raise your credit score.
Understanding Virtual Banking (26)
ING and HSBC are good examples of virtual banks. ING started its operations in Europe and is now established in North America. It is able to offer customers no account fees savings accounts at a higher rate than regular banks, there is no charge either for withdrawals at certain levels.
When To Refinance Your Home Mortgage (27)
Many homeowners refinance to free up funds for other things like pay off credits cards more quickly, buying a car, another home or growing the family business. To do this type of loan, a cash out loan, they rely on the equity in the home to get the loan amount they need.
Do You Know Why You Want To Become A Trader Online? (28)
When you feel pain like this, it is said that it will help you to move your life in an entirely new direction. The next question you need to ask yourself is "Why do I want to become the best online trader?" And following close behind that question is exactly what kind of trader do you want to become?
Buying Home Owners Insurance Online (29)
By going online for your insurance needs you can make the experience much easier. In fact you can find coverage's online that will cover a wide range of disasters and accidents, including damage caused by: fire/lightning, windstorms/hail, explosions, riot or civil commotions, aircraft, vehicles, smoke, vandalism, theft, volcanic eruption, falling objects, weight of snow/ice/sleet and much more.
Understanding Your Annual Percentage Rate (APR) (30)
Disclosure of APR is required by the Truth-in-Lending Law and allows borrowers to compare the actual costs of different mortgage loans. Computing the APR over the full loan term deflates the apparent cost of the loan, making it harder to decide if it truly makes sense to refinance an existing mortgage.
Foreclosed Homes List- An Important Tool (31)
This suggests that generally banks do not want to advertise and wait for long to get the best price for the property, providing a chance to the buyer to grab a good bargain.
Foreclosed Home Listing- An Insight Into Foreclosed Home Listings (32)
This can be good for you as a buyer because a foreclosure home listing usually is below the appraisal value and you can close the deal at an amount that is less than the actual worth.
Foreclosed Home- Discover The Truth About Foreclosed Homes (33)
As mentioned before, consult a reputable title agent or attorney before buying a home. Many people harbor wrong notions that foreclosed homes are basically shabby homes in rundown neighborhoods.
Consumers Determined To Buy First Home (34)
Director of mortgages Stephen Leonard said: "It seems people are happy to move into a property that isn't their ideal, in order to move up the property ladder and reap the benefit of rising house prices, More and more people seem to be looking for property on the basis of an investment, rather than buying their dream home." The study also indicated that potential first-time buyers only intend to stay at an address for an average of three years and four months.
Buy Foreclosed Homes- Be An Informed Buyer (35)
The agents would readily inform you whenever they are about to be put up for auction. Usually people are unaware of them being on offer till it is very late.
Are You Paying Too Much For Your Loan Insurance? (36)
The price of this insurance is usually much lower than the price offered by your insurance company. Also, some of the clauses of the this type of insurance may already be covered under other insurance policies that you have.
Banking Alternatives: Do You Need A Bank? (37)
You have to meet their specific requirements or be related to someone who is already a member in order to join. Also, you generally have to save money with a credit union before you can have access to other financial p roducts.