It’s no secret that the United States is home to one of the most expensive healthcare systems in the world, and with these costs come some consequences. Hearing about someone having to file for bankruptcy can bring some assumptions that they mismanaged their finances, lived beyond their means, or made some bad decisions regarding investments. While all of those theories are possible, chances are the person had some unexpected medical bills that they could not afford to pay. So hear in lies the question, “Do I receive medical attention and risk my entire savings account, or do I make a financial decision that is less risky?”
Here in the U.S. a visit to the Emergency Room can cost thousands of dollars, there is even a story that has been circulating of a mother who accidentally cut her one-year-old daughter’s finger while clipping her nails. Since her daughter was so young, they decided to be extra careful and took her to the ER in case she needed stiches or any other special treatment. Turns out she only needed a band aid, however the trip to the ER totaled almost $700! While medical bills may be the leading cause of bankruptcies in the U.S., many of those that file for bankruptcy actually could have avoided doing so had they taken the proper steps and precautions. Education is key to knowing what financial impact you may face before seeking medical treatment.
I’m sure we all know someone who has had to battle health issues and conditions, however there’s a good chance we don’t get to see the struggle that person has to deal with financially, only the struggle of them fighting to get better.
Use a Broker
Using an insurance broker may give you an advantage because brokers work for you, not the insurance company. Many times they will assist you in filing claims and dealing with paperwork that you aren’t familiar with and they can often guide you toward minimizing your out of pocket costs.
Find Someone You Can Trust
While using a broker can help you in finding the best insurance coverage for your budget, it also helps to find someone you can trust. You are relying on this person or company to fully protect you, so trust is important.
Change Your Mindset
Nowadays many people tend to think of health insurance as something that the government is forcing you to purchase, however you should try to think of it as an investment into your health. The cornerstone of insurance is to protect you financially; wouldn’t you rather pay a monthly premium than having to clear out your savings account if you get sick? Instead of thinking of insurance as buyer beware. Think of medical expenses as buyer beware.
MHG is here to help and provide assistance with all of your insurance needs. Whether you are looking for marine crew insurance, health insurance, life insurance, travel insurance, expatriate insurance or insurance for your business, we have the experience and knowledge to help you find the right policy. To hear some insurance advice from some of our employees, read our previous blog, “If You Could Give One Piece of Advice to Your Clients, What Would it be?” Please contact us at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com. Let our insurance specialists find you, your family, or group, the best insurance available for your budget.