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Monday, June 22, 2009
Remind Potential Clients that Medical Bills Are a Leading Cause of Bankruptcy
A recent Harvard study found that 62% of bankruptcies in 2007 were health care related. More than 75% of those who filed for bankruptcy due to health related financial problems had medical insurance when the problems began.
How does that happen and why am I bringing it up?
Health insurance just doesn't cut it. It does not pay all of the medical bills and it does not help at all with lost income.
When a person is injured, they may believe that health insurance will bear the brunt of the expense. That kind of thinking may delay panic, but it is flawed and it only puts off the real financial problems that follow.
First of all, insurance rarely covers everything. There are deductibles and co-pays that the patient will have to deal with out-of-pocket. And, if you have ever dealt with insurance, you know that there are many things that just aren't covered.
Then there is the lost income during recovery and the reality of losing insurance coverage if the injury costs them their job.
Your potential clients need to be reminded that they cannot just sit back and rely on health insurance to cover their losses. In the beginning, it may look like something they can handle, but it can quickly spiral out of control, as it has for so many before them.
How does that happen and why am I bringing it up?
Health insurance just doesn't cut it. It does not pay all of the medical bills and it does not help at all with lost income.
When a person is injured, they may believe that health insurance will bear the brunt of the expense. That kind of thinking may delay panic, but it is flawed and it only puts off the real financial problems that follow.
First of all, insurance rarely covers everything. There are deductibles and co-pays that the patient will have to deal with out-of-pocket. And, if you have ever dealt with insurance, you know that there are many things that just aren't covered.
Then there is the lost income during recovery and the reality of losing insurance coverage if the injury costs them their job.
Your potential clients need to be reminded that they cannot just sit back and rely on health insurance to cover their losses. In the beginning, it may look like something they can handle, but it can quickly spiral out of control, as it has for so many before them.
posted by
Harlan Schillinger
at
5:49 AM
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