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Medical Bankruptcy happens when the cost of treating a sickness or injury forces a family or individual to file for bankruptcy to be able to get out of debt. The unfortunate revelation of this action is that many of those people already have health insurance! Health insurance is not designed to cover the majority of bills that occurs when someone is ill. Which is why policies like cancer and critical illness insurance is so important for many people.
According to the U.S. Bankruptcy Code, there is no category specification for various forms of debt. Credit card and mortgage debt is viewed the same as medical debt.
Because of the raising costs of healthcare and deductibles, families out of pocket expenses could be unbearable. Deductibles alone are a yearly cost that many families are unable to pay.
One way to prevent medical bankruptcy from occurring is to have one of our professionals speak to you about a cancer or critical illness insurance policy. This insurance is designed for you and your family to receive a lump sum of money, tax free, when an illness occurs. This what we call, "Living Insurance!"
The Difference between "Life Insurance" & "Living Insurance"
"Life Insurance" is created so that when you pass away, your family members will have enough money to cover expenses, bills, funeral, etc.
"Living Insurance" is what Pink Power Ladies views as a very important insurance to own. It is "Insurance to help you Live!"
Many people, thankfully because of medical advancements, are outliving their diseases! People are living long, healthy, lives and "Life Insurance" may not have to be used for 10+ years!
While people are living, many bills can accumulate:
- Deductibles
- Experimental Drugs
- Daycare
- Time off of work
- Travel for second opinions
- Hotel Stays
- Gas Expense
- Credit Card Bills
- Mortgages
- Car Expenses
- (OK, you get the hint!)
Studies have shown that the average family was in debt for $15,000-$30,000 of out of pocket expenses such as the above list. By purchasing a cancer or critical illness policy, in advance, this money can help cover some, if not all of those type of expenses! The every day expenses is what stresses most families out because many families live paycheck to paycheck. For a low cost, affordable policy, "money stress" can be minimized so that you will be able to recuperate, get better, and get back to your daily life!
Please Note: Pink Power Ladies suggests seeking proper professional advice regarding bankruptcy issues. Need a Legal Program? Click Here!
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