Lack of Healthcare Coverage Contributes to Senior Bankruptcies
San Diego, CA (PRWEB) January 25, 2014 -- Rising healthcare costs are threatening the financial security of Americans over the age of 65. According to the Center for Disease Control and Prevention, healthcare costs are rising at a rate that is outpacing standard healthcare insurance coverage. According to a report updated by the CDC in October of 2013, personal health expenditures, which include services such as physician visits, hospital care, dental care, prescription drugs and nursing home care accounted for 84 percent of national health care expenditures in 2007, while private health insurance paid for only 36 percent of these personal health expenditures. Seniors are struggling with the rising cost of their personal healthcare as a result of this coverage gap.
William Haynor, a business leader with more than 40 years of experience in the insurance industry, is working to address this coverage gap and protect seniors from debt and bankruptcy through SeniorQuote Insurance Services. SeniorQuote is a unique service that provides seniors with the ability to cross-shop multiple insurance carriers for Medicare Supplement and Medicare Advantage Plans, with the support and guidance of SeniorQuote’s experienced team of insurance professionals. Haynor, age 72, says that he created the company based on his own experiences in trying to choose the right supplement plan for his personal Medicare coverage.
“I have always been healthy and active,” said Haynor. “But in 2010 it seemed that all at once I was hit with every medical problem you could image. I was laid up in the hospital for weeks and without proper Medicare Supplemental insurance, the bills would have threatened my family’s savings. I was thankful that I had the right medical coverage. Our goal is to provide this same measure of healthcare security to as many seniors as possible.”
According to a study published in early 2005, 46 percent of US personal bankruptcies were related to outstanding medical expenses. Meanwhile, bankruptcies for individuals over the age of 55 have more than doubled since the early 1990s, with the rising cost of healthcare expenses as the major contributor.
“With the right healthcare coverage, we believe many of these bankruptcies could be avoided,” continued Haynor. “Individuals relying on standard Medicare coverage are not completely protected. In my case, the medical expenses not covered by Medicare could have totaled more than $100,000. Fortunately, my supplement plan covered these additional costs and I paid virtually nothing.”
SeniorQuote operates a nationwide call-in support center designed to assist seniors in finding the healthcare coverage program that best fit their personal needs. Haynor and his team of licensed agents continue to expand their customer’s choices with the addition of new coverage programs from many of the industry’s top insurance carriers. The company recently added final expense insurance to their list of services to support the growing population of seniors and their families. Haynor plans to launch a series of Youtube videos in which he instructs seniors on the importance of final expense insurance and Medicare coverage , as he chronicles his personal experiences in finding the right supplement insurance for his family.
About SeniorQuote Insurance Services, Inc.
SeniorQuote Insurance Services, Inc., headquartered in San Diego, California, is a Medicare Supplement, Advantage, and final expense insurance agency founded for the singular purpose of helping seniors find the perfect insurance coverage to meet the needs of their family. The company, founded by veteran insurance executive William Haynor, offers Medicare Supplement, Advantage and final expense products from several of the nation’s leading and most respected carriers, through a team of licensed, experienced, and highly trained customer associates. To learn more about the company and the carriers represented, visit SeniorQuote.com or call 800-992-7724.
Elena Tortora, SeniorQuote Insurance Services, http://seniorquote.com/, 760-585-7051 Ext: 103, [email protected]
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