Health care’s growing bite

Posted on January 17, 2012

Chances are, the older you are, the larger your medical bills:

                                                  Source: Bureau of Labor Statistics, 2009 Consumer Expenditure Survey

As Dr. Mark Melrose, a healthcare commentator and founder of Urgent Care Manhattan, notes in the current Costco Connection, “An unexpected medical bill can have a significant impact even on those who are insured and practice frugality.  And for those who don’t have a financial plan or health insurance, it can be devastating.” (emphasis our’s)

For anyone who’s been injured, here are a few points to keep in mind:

1) Depending on the extent of your injury, your medical expenses as you age may well be higher than normal -- possibly significantly.  Major trauma at a young age can result in degenerative complications (arthritis, loss in bone density, infection vulnerability) decades later.  

2) This highlights the importance for any physical injury victim of guaranteed, steady funding, especially during the older years.  In short, that’s precisely the kind of financial security an injury victim needs and can have with a structured settlement.

3) Dr. Melrose’s comment about health insurance is especially important for anyone who may be looking at Medicaid or private insurance programs based on Medicaid eligibility.  Depending on where you live, with as little as $2,000 in assets, you can be disqualified from these programs as well as Supplemental Security Income.  

For more information about protecting yourself financially during your retirement years, click here for a free NSSTA handout.

If you have any questions or comments please email Peter Arnold at parnold@nssta.com.