Daily News Updates - Health Insurance News

Health Insurance Still Plummeting, Pt.5 – Bankruptcy, anyone?

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Where are these problems taking our nation? A spokesperson for the Commonwealth Fund, senior vice president Cathy Schoen explains the plight of how easy it is today to suddenly be struck with overwhelming medical bills, even with health insurance, and be driven to bankruptcy, just for that reason. Her assessment is "As a nation we are losing ground. We need to move in new directions." A Ventura, CA-based - certified financial planner named Leon Rousso explains his own squeeze. A part of his business is selling health insurance. He makes his best efforts to match people’s incomes with the best policies he can. Of course, the higher the income, the easier it is for him. He can then set them up with the most ‘sensible’ out-of-pocket max’s, while providing ‘reasonable’ protection from the largest potential risks. But all-to-often, he has to bump up the deductibles in order to bring the premium down to an affordability level so they can just have ‘some’ health insurance.

Still there are a large number of people who are stuck with the health insurance offerings of their employer. Those people don’t have much clout. Mr. Rousso laments "Middle to lower middle class, that's really where the vulnerable spot is. You see a lot of people who don't have a lot of money." Rousso’s best advice for the wise is to search out "big-ticket item” health insurance coverage that carries financial protection. These are things like drug prescriptions and the high costs of hospitalization. He says that these are the greatest risks for losing major assets and being financially destroyed. Adequate health insurance is essential.

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