According to a recent NEW study, more than 60 percent of the bankruptcies in the US are caused by the overwhelming medical expenses. The spiraling health care costs in the US are causing enormous financial stress to people, forcing them to juggle their household budgets like never before.
As a result of high medical costs, people have to resort to extreme measures to keep their heads above water. Studies show that in order to afford health care, families are cutting back even on basic necessities like food and housing; there are stories of running up credit card debt just to pay off medical bills. Illness related financial challenges have an impact on a family’s expenses on utilities and savings too. As health care costs bite into a major chunk of a family’s income, it is natural to be concerned about finances. It is shocking that millions of low income groups in the US do not get the healthcare they need because they just cannot afford it. Also, the lack of health insurance contributes to thousands of deaths in the US every year.
Though America offers some of the best medical care in the world, it is also very expensive and the only way to afford it is with good insurance coverage. Statistics show that almost 85 percent of the population in developed countries invests in health insurance. If you are expecting your family or friends to visit you in the US, it would be wise to get some insurance coverage for them. As domestic insurance policies are ineffective on foreign trips, visitors’ medical insurance coverage becomes necessary for parents or visitors traveling to the US. Most of the plans provide good coverage for unforeseen illnesses or injuries, hospital charges and other related medical expenses. With a good insurance plan to take care of all their medical expenses, visitors to the US can have a secure stay.
