Financial toxicity causes stress and illness - experts say during presentation at Rice University's Baker Institute for Public Policy:
- Overall Summary of Presentation
- Medical debt and financial burdens of paying for health care can drastically increase stress, reduce quality of life and, in some cases lead to earlier deaths for insured and uninsured alike.
- Both Insured and Uninsured can be overwhelmed by medical costs
- A teacher in Austin made national news after a $108,000 bill for going to an out of network hospital
- A Nobel Prize winner had to sell his medal for $765,000 to pay medical bills
- 1 in 5 Americans have Medical Debt
- Health care costs are rising, companies have had to scale back benefits
- Premiums are also rising
- Who is most likely to incur medical debt
- Cancer Patients are most likely to experience financial hardship
- Oncology is the most expensive chronic condition
- What can be done to reduce some of the financial burden
- Ask your doctor to prescribe generic drugs vs. brand names
- Try to limit visits to doctor office - most plans have copays per visit
- Look into a supplemental Accident Plan. Most will cover majority of out of pocket costs for treatments due to accidents - These can cost less than $20 per month
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Hospital Indemnity or Fixed Benefit Plans - Based on your situation, can be stand-alone OR supplemental to Group or ACA Plan. These plans pay a fixed amount for out of pocket expenses
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Critical Illness Plans - With Critical Illness insurance, you receive a cash benefit for a qualifying illness
- Check your current Life Insurance Policy - Many Life Insurance Policies have Living Benefit Riders such as Critical Illness. If you get sick, and can not perform at least 2 daily functions of living, you may be able to access some of your Death Benefits while you are still living.
Would large medical bills put a strain on your finances? Does you have money set aside (HSA Account) for to cover your current deductible and Coinsurance? Call me for a free review of your current coverage - 210 848 9304
