When Major Medical Coverage Just Isn’t Enough

July 9, 2015

If forced to right now, could you write a check for $43,546?

Even with bronze level health insurance, the cost of a heart attack for a 40 year old is still an eye watering $29,030 in medical expenses like deductibles and copays and $14,516 in household and out-of-pocket costs like transportation to doctor’s visits, mortgage payments while out of work and childcare.

If you fear you couldn’t afford this kind of medical event, you’re not alone. A recent poll found that 60% of Americans surveyed weren’t certain their emergency savings would cover medical costs for their immediate family. Further, 21% admitted that they’d have to dip into retirement savings in the event of a financial emergency.

Bearing all this in mind, it’s easy to see why major medical coverage isn’t enough to fully protect you and your family. This is where the security and peace-of-mind offered by accident and critical illness coverage becomes a necessity.

While most standard health plans will cover expenses like hospital stays for a medical event such as a car accident or a stroke, the supplemental protections offered by accident and critical illness coverage will protect your financial future by paying a lump sum benefit that you can use in any way you see fit, rather than forcing you to tap into your savings. This could be as simple as paying a utility bill on time or something as crucial as covering the cost to travel out of state to see a specialist. And most policies are relatively inexpensive and simply qualified and applied for.

Don’t allow the gaps in traditional health coverage to add stress and financial worries to an already difficult time.

When Major Medical Coverage Just Isn’t Enough

If forced to right now, could you write a check for $43,546?

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