My sister Ronnie is recovering from surgery that she underwent in the same week that her daughter had a concussion. While most of us in the same situation would be licking our wounds, Ronnie’s grateful. And thinking about those who aren’t as lucky as she is. Here’s what she wrote in her column in today’s Philly Daily News –
After years of excellent health, my family incurred, in one insane week, what must have been thousands of dollars in medical costs that would’ve thrown us into a financial tailspin if we’d not had the insurance to pay them.
Why, in the richest country in the world, should luck factor at all into something as basic as access to affordable medical care for America’s citizens?
…A 2005 Harvard study showed that about half of the 1.48 million Americans who filed for bankruptcy in 2001 did so for medical causes. Their out-of-pocket health-care expenses averaged $11,854 – and three-quarters of these people were actually insured when their illnesses began.
…every year more than half-a-million Americans who assumed that they were covered are forced into bankruptcy anyway just because they got sick.
Think she’s wrong? Think bankruptcy from health care costs is just a problem of the unprepared, financially dim-witted masses who don’t know how to work hard or manage their money?
Let’s ask my brother, the hard-saving financial conservative who believes we all sleep in the financial bed we have made with sheets woven from our choices about work, lifestyle and money.
Big Bro
My brother has a friend who is dipping deep into his retirement savings to pay for a catastrophic illness after passing well above his $1 million dollar lifetime cap. If things go on as they are, his friend is looking at potential bankruptcy.
When he saw what his friend was going through, Big Bro, ever the pragmatist, called his benefits officer and asked how much it would cost him to raise his lifetime health coverage cap to 2 million dollars.
The answer? It’s not possible.
That’s right. He cannot buy insurance through his employer, for any price, that will cover him above $1 million in health care payments.
He is currently exploring the possibility of buying some other sort of insurance, outside his employer-sponsored plan, to protect himself. We’ll let you know if he finds it.
Bottom Line
It’s not insurance. It’s a crap shoot.
See you in Vegas.