Did you know that medical debt is the leading cause of bankruptcy? Some people don’t realize that even if you have health insurance, it may not always offer the out-of-pocket cost relief that you’d expect. Without understanding the real cost of health care, you could potentially face staggering, unexpected medical costs and living expenses.
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This is where the Real Cost Calculator comes in. Aflac introduced this illustrative, interactive tool to show the average out-of-pocket expenses associated with a number of injuries and illnesses. Specifically, it includes the medical costs and living expenses not covered by major medical insurance for several types of cancer, stroke, heart attack, diabetes, broken leg, as well as common childhood ailments, pneumonia and asthma. These common illnesses and injuries can result in thousands of dollars in unexpected out-of-pocket medical costs and living expenses, and serious medical conditions like cancer and stroke can rack up costs higher than some mortgages!
• The average cost to treat a broken leg is more than $10,000. Deductibles, co-pays and rehab add up quickly.
• The average annual expense for people diagnosed with diabetes is $11,744. The glucose monitoring equipment doesn’t come cheap.
• Some of the newer cancer treatments can cost about $10,000 a month.
The calculator also includes everyday household costs… you’ll have to keep buying groceries and paying the mortage, even if you or your spouse ends up out of work! And what about after you leave the hospital? Expenses during recovery can include care giving and the burden of day care and everyday household costs like rent, utilities and car payments when a patient is unable to work. Then there are costs for things like transportation to follow-up medical appointments.
Try Aflac’s Real Cost Calculator out for yourself. It’s important to know about the real costs associated with medical emergencies so you can be financially prepared for the unexpected and proactive in how you plan to tackle these expenses. Start by taking better care of yourself physically. Consider joining a company wellness program, or getting a supplemental insurance policy. The fact is that there is no cap on the cost of health care, and you can expect medical costs to continue to increase as medical technology improves.