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Banking and Finance  » Lack Of A Health Insurance Policy Invites Financial Disaster.

Lack Of A Health Insurance Policy Invites Financial Disaster.

In 2003 health care spending rose four times the rate the

inflation. The annual premium for an employer health plan

covering a family of four averaged nearly $10,000. The cost of

medical care continues to rise at the fastest rate in history.

Health insurance premiums will rise to an average of more than

$14,500 for family coverage in 2006.

Surveys reveal that the number one reason many people have no

coverage is because health insurance is too expensive. 23%

percent of people who do have health insurance have had to

drastically change their spending habits so that they could make

the insurance payments.

You've read about the rise in the number of bankruptcies. A

study shows that the average medical debt of those who filed for

bankruptcy is $12,000... And 50% of bankruptcy filings were

partly the result of medical expenses. Every minute two people

in the U.S. file for bankruptcy because of serious medical

problems.

Research shows that even when one member of a family is

uninsured and requires a hospital stay, or costly medical

treatment, the medical bills can effect the financial position

of the entire family as they try to help with costs. Government

officials agree that health care costs must be controlled, but

they continue to argue about how to do it. Some say it must be

done with price controls and by imposing strict budgets on

health care spending. Others cry for free market competition as

the solution to the high cost of medical care.

An important step in the right direction would have all of us

adopting healthy eating habits and lifestyles. We all would

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require less medical care and those costs would drop.

For individuals and families is vital that you have at least

some form of health insurance policy. It may be sensible to keep

your health insurance cost as low as possible by having coverage

for only a catastrophic illness. The expense of most medical

treatment can be paid for over time. It is the unexpected major,

life threatening injuries and diseases that can wipe you out

financially.

One thing is certain. To protect your financial future you must

have at least some type of health insurance policy.

About the author:

Mark Walters presents an online guide to health insurance of

kinds at http://www.HealthInsuranceMonster.com