Experts on critical illness insurance are promoting a new national community awareness project. The project will provide information that could help prevent a family from a financial catastrophe due to a critical illness (cancer, heart attack and stroke). This program is a proactive collaboration between the health care and insurance industry.
The problem, financial hardships and bankruptcies brought on by a critical illness, has been identified. The solution is to provide valuable information to the consumer. With this information, they can now make an educated decisions on the purchase of critical illness insurance.
Awareness + Knowledge Protection
The community project will raise funds that will stay in the community to help those suffering a financial hardship due to a critical illness. They are promoting a national campaign of this community awareness project and community involvement is vital to the success of this campaign.
Authors Edward L. Mueller, Jr. and Laura Spencer have co-written two guides, "A Consumer’s Guide to Critical Illness Insurance – A Living Benefit" and a senior guide, "Keeping Your 'Gold' in the Golden Years," to inform readers of the importance of purchasing critical illness insurance coverage and to explain why health insurance alone isn’t sufficient to ward off financial devastation in the event of a critical illness.
“Ed possesses a wealth of insurance knowledge and seems to have cornered the market on critical illness insurance expertise. His passion and knowledge concerning this important insurance topic is inspiring and caused me to want to learn a great deal more.”
~ Mike Meulemans, insurance consultant and guide at about.com
Critical illnesses are more than frightening. They are also costly. A staggering number of bankruptcies are filed in the U.S. each year due to medical bills, and the likelihood of developing a critical illness increases with age. Specifically, when someone suffers a critical illness such as a heart attack, cancer or a stroke, in addition to treating and recovering from the illness, the patient also must:
- Assume responsibility for out-of-pocket expenses and or treatments not covered by traditional health insurance
- Fund travel expenses for medical treatments and possibly extended convalescent care
- Continue to pay monthly bills while recuperating
- Replace lost income
Where will the money come from to pay these bills? The authors put it bluntly: out of your nest egg, which is why nearly two-thirds of U.S. bankruptcies are the result of medical expenses, even though 78 percent had health insurance when they were diagnosed.
Edward L. Mueller, Jr. and Laura Spencer have been serving agents and consumers nationwide with their insurance expertise since 1993. As the authors of the only books published to date in the United States on critical illness insurance, they have published a variety of articles in such periodicals as Health Insurance Underwriters magazine, National Healthcare Reform Magazine, Voluntary Benefits Magazine, About.Com, ProducersWEB, ProducersESource.com and the Yahoo Contributor Network. They are also the authors of lahbs.com's consumer book "An Insurance Agent’s Guide to Successful Critical Illness Sales."
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