Blog

Medical Safety Net

posted by TrueNorth Financial Strategies on Monday, September 23, 2024

While medical debt is severely affecting America’s workforce and posing substantial risks to organizations – many employers lack awareness regarding its impact. These accumulating out-of-pocket expenses and medical deductibles make it challenging for individuals and families to withstand an unexpected medical event.

Did you know:

• Past due medical bills are the number one source of bankruptcy in the United States, accounting for 2/3 of all cases.³
• Over half of Americans cannot afford a $1,000 financial emergency.⁴
• For those who have health insurance through their employer, the average out-of-pocket maximum is $4,415.⁵

​100 million Americans currently carry $220 billion in medical debt, 80% of these people are covered by a medical plan.

Introducing Medical Safety Net

Medical Safety Net is a three-pillar approach designed to safeguard plan members from overwhelming medical debt and potential bankruptcy.

1. Critical Care Assurance | A group solution tailored for critical illness and hospital indemnity.
2. Center for Financial Well-Being | Help navigating day-to-day finances.​
3. Future-Proof Savings | High yield cash reserve savings accounts to promote financial resilience.

Learn more about how your plan can provide support and security for employees in need. Register for our upcoming webinar below, or fill out the form below to connect with our team today.

 Register for the Webinar  

Sources:

The burden of medical debt in the United States - Peterson-KFF Health System Tracker¹

The Financial Burden of Inadequate Health Insurance Coverage - American Journal of Kidney Diseases (ajkd.org)²

Medical Bankruptcy Statistics (thebalancemoney.com)³

57% of Americans can’t afford a $1,000 emergency expense, says new report | Fortune Recommends⁴

Deductible vs. Out-of-Pocket Maximum – Forbes Advisor⁵