If you were to get seriously ill would you prefer a $40,000 check in the mail or $4.00 get well card?
The choice is pretty obvious.
Almost everyone knows someone who has experienced a serious illness such as heart attack, stroke, or even cancer.
You can probably even recall the story of how long they were off work, how they almost lost their home, and how they barely avoided medical bankruptcy.
Maybe they didn't avoid medical bankruptcy.
According to debt.org ,"Most cases of bankruptcy aren't caused by reckless spending but by financial hardship, and many are lower-income individuals who simply can’t afford to deal with unexpected major expenses such as job loss or medical bills".
Some experts have said that almost all Americans are one major illness away from bankruptcy.
Most medical bankruptcies are also filed by those who had health insurance at the time they were diagnosed.
There is a way to avoid financial disaster and many people don't even know about.
Critical illness insurance is a policy that protect you against financial disaster when faced with a critical illness such a renal failure or stroke.
Often called "living or surviving insurance", critical illness insurance is designed to help people through the financial challenges associated with survival of a critical illness.
These "living" benefits are paid directly to the insured. The insured then chooses how to spend the much needed money.
The money is often used for things such as home health care, daily living expenses including mortgage, car payments, food, as well as covering loss of income of either self or spouse.
Critical illnesses can be expensive. Critical illness insurance is usually not.
Health insurance pays for your medical expenses and for you to get healthy again but most often people never worry about who is going to pay the bills while they get healthy.
Also most major medical plans don't cover everything. There are deductibles, co-insurance, and co-pays. These expenses in the face of a critical illness can mean financial disaster especially if your illness causes you to be out of work for any length of time.
The possibility of surviving a critical illness before age 65 is almost twice as great as dying.
In order to not only survive a critical illness but thrive after it most experts agree critical illness insurance is a key. It can mean the difference in financial survival after a debilitating illness.
Many local insurance agencies offer critical illness policies. Some even offer guaranteed issue policies to those who have already had a medical issue and would not qualify an underwritten plan.
Policy amounts and costs vary on these policies to fit both your budget and financial needs.
According to industry experts the average policy amount is $40,000 and cost approximately $40.00 a month.
Contact your own insurance agent and ask for more information. If you do not have an agent you can visit healthcaresolutionsteam.com to find an agent closest to you.
Healthcare Solutions Team is one of the largest health insurance agencies in the country and is headquartered right here in Northern Illinois. They offer a variety of critical illness policies.
According to data from the American Heart Association in 2007 1.2 million people suffered heart attacks so it is very possible it could happen to you.
If it does do you want that $40,000 check or the $4.00 Hallmark card.