Cheap Insurance Can Hold Off Financial Disaster

A new study may remind consumers that it's better to invest in some cheap insurance rather than be courting medical bankruptcy.

According to a new study that appears in the August issue of the American Journal of Medicine, 62.1 percent of all bankruptcies in 2007 were traced to medical expenses. According to the group Physicians for a National Health Program, the number of bankruptcies tied to medical expenses rose 49.6 percent between 2001 and 2007.

The number is unlikely to go down anytime soon because the economy has led to higher unemployment, as well as an increase in the number of companies that are no longer offering employees health insurance.

The report found that people facing medically bankruptcy were most likely to be saddled with high hospital bills, followed by prescription drug costs. Those suffering from diabetes and neurological conditions like multiple sclerosis were said to be most likely to have the highest medical costs.

Since even a relatively minor medical procedure or illness can result in high financial costs, a cheap insurance policy can a wise investment.

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