The Journal of American Medical Association confirms:

• Many critical illness patients required considerable care-giving assistance from their immediate family members.
• In far too many cases, “a family member had to quit work… to provide care for the patient.”
• 31% of families surveyed reported a loss of most or all of the family savings- while others reported a major loss of household income.

Norton Bankruptcy Advisor reports:

Medical Problems & Bankruptcy Filings : Nearly half of the more than 1 million Americans who filed for bankruptcy protection in 1999 did so at least in part because they could not cope with medical bills or other financial consequences of illness or injury. “I thought we would be looking at a wholly uninsured group of Americans, and we’re not,” said Harvard law professor Elizabeth warren. These data suggest that under-insurance is a far bigger problem for middle-class families, under-insurance in the sense that it’s not enough to cover catastrophic medical costs, or it doesn’t cover all the financial implications” of illness, such as lost income.

It has long been true that some families are ruined financially every year by a devastating illness, such as cancer, Warren said. More broadly, warren said, the findings illustrate just how fragile middle-class status is for American families. These families are “just one serious illness away from financial collapse,” she said. What a scary way to think about America.

USA Today article creates awareness:

Out-of-pocket costs for cancer care mount: A three month study of 190 middle-class cancer patients and family care givers shows: Families can spend as much as $20,000 in just three months to care for a cancer patient at home, new research shows. These costs included: loss of income from time taken away from work and indirect non-medical expenses that had to be paid out-of-pocket. Insurance may cover hospital and doctor bills, but other costs mount once the patient is sent home. Barbara Given, Michigan State University College of Nursing, says 39% of family care-givers missed time from work, 60% depleted savings. “The problems and cost faced by families were much worse than we thought,” says Given.

What is most shocking about this research report is that it was published in April 1992! Today in 2004, how much more has our financial exposure increased?

Critical illness protection helps you survive the financial impact.