With the high cost of health care, despite Obamacare, one inconspicuous illness can tip patients over the edge and into bankruptcy this year.
EL SEGUNDO, CA (PRWEB) February 16, 2013
Even with the safety net of Obamacare, devastating medical emergencies can produce costly expenses leading to financial hardship. In fact, according to the most recent study on the topic, sixty-two percent of bankruptcies filed in 2007 were tied to medical expenses, according to a study conducted by The American Journal of Medicine.
In the latest report from Go Banking Rates, the site investigates ways consumers can protect themselves with a financial plan in case of a medical emergency. They examine how a health savings account (HSA) can be a preventative lifesaver in the event of a costly and debilitating ailment or accident.
“With the high cost of health care, despite Obamacare, one inconspicuous illness can tip patients over the edge and into bankruptcy this year,” shares Jennifer Calonia of Go Banking Rates. “Private insurance companies oftentimes offer insufficient financial assistance to protect their patients from stepping financial peril. This is where a health savings account comes in handy.”
The personal finance website identified three benefits a health savings account has on consumers’ financial plan, including:
- Exemption from federal taxation
- Coverage of cost for preventative care expenses, including medical examinations and health screenings
- Easy annual rollover for all unused HSA funds
To read the full report, click here.
For questions about this report or to schedule an interview with a Go Banking Rates editor, please use the contact information below.
About Go Banking Rates
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations