What if your family were faced with financial crisis due to illness, injury or even death? Many families have limited financial resources to fall back on in the event they experience one of these major setbacks. A 2006 Bankrate.com survey indicated that 40% of Americans do not have enough in savings to pay bills for three months in the event of lost income.

The financial impact of a medical crisis can affect even those with health insurance coverage. Families are often unprepared for not only the deductible and coinsurance out-of-pocket charges, but also the costs associated with a major illness; time off from work, lost wages and additional travel expenses. While health insurance is designed to help cover the health care bills, it generally does not address lost income.¹

People without coverage for medical conditions are even more at risk. Uninsured Americans pay more per medical service since they do not have access to the provider discounts available to insurance companies. A recent Kaiser Family Foundation survey indicated that 51% of the uninsured have skipped or delayed a medical procedure or prescription due to cost.²

While having a quality health insurance plan is an essential foundation of financial planning, alone it can leave your family exposed and insecure in the event of a major illness, injury or death.

¹Laura Bruce, "Survey: Most Americans fail the emergency-fund test," Bankrate.com, Internet; accessed 14 June 2007.
² USA Today/Kaiser Family Foundation/Harvard School of Public Health Survey of Households affected by Cancer November 20, 2006