Fewer Americans today have enough savings to cover an emergency health expense, which can lead to an assortment of additional financial—and even health—burdens. Learn how supplemental health insurance products, like those marketed by Platinum, can provide a helpful safety net for our customers.
According to the Kaiser Family Foundation, an estimated 1 in 3 Americans reports having difficulty paying medical bills—even though most of these people have major medical insurance.1 This difficulty can quickly lead to medical debt, which arises from a combination of mounting out-of-pocket expenses and loss of income. Strained finances and medical debt can cause distraction, stress, and reduced productivity at home and work, on top of dealing with an illness or hospitalization. Significant health events that lead to medical debt not only can leave someone with the inability to work, but in turn, may also result in the inability to manage their bills—or worse, continued health concerns.
Medical debt is fueled by the fact that many Americans still do not have funds set aside for even minor emergencies. A study by the United States Federal Reserve found that 47 percent of people could not cover an emergency expense of $400, unless they sold belongings or borrowed money.2 An unplanned expense, whether a minor accident or a critical illness, can be a burden on finances.
For thousands of customers, a supplemental insurance policy marketed by Platinum Supplemental Insurance helps bring peace of mind to these concerns. These types of policies pay a lump-sum benefit in the event of a covered accident or illness. These benefits are paid directly to the policyholder to use toward their greatest needs, including out-of-pocket medical costs or lost wages due to time away from work. This kind of coverage when it counts helps them focus on their recovery, not their finances.
1Pollitz, Karen; Cox, Cynthia; Lucia, Kevin; Keith, Katie. (2014, Jan. 7). Medical Debt Among People with Health Insurance. Kaiser Family Foundation. Retrieved from http://kff.org/private-insurance/report/medical-debt-among-people-with-health-insurance/
2(2015, May). Report on the Economic Well-Being of U.S. Households in 2014. United States Federal Reserve. Retrieved from https://www.federalreserve.gov/econresdata/2014-report-economic-well-being-us-households-201505.pdf.
Platinum is a marketer of supplemental health insurance products. Policies have exclusions and limitations. For costs and complete details of coverage, contact Platinum Supplemental Insurance.