October 12 is National Savings Day – a day to value the need to save.
According to a CNNMoney study, 6 in 10 Americans do not have enough savings to cover a $1,000 unplanned expense1. And yet, medical costs continue to rise, creating gaps in the affordability of care for most in the U.S. In fact, two-thirds of people who file for bankruptcy cite medical bills as a key contribution to their financial downfall2.
The last thing anyone needs to be concerned about when facing a serious medical crisis – whether it be an accident, a hospitalization, or a life-changing diagnosis – is how to pay for treatment. And yet, this will continue to be a significant stressor without adequate savings.
That’s where EssentialCare products come in. These group products were designed to close the gap in affordability and protect the financial wellbeing of healthcare consumers. By providing lump-sum payments to help employees with out-of-pocket costs when a crisis occurs, EssentialCare products can ease the financial burden of a medical event. Payments can be used for major medical copays and deductibles, or additional expenses like transportation, child care and more to help fill gaps in employees’ healthcare coverage, lessening the burden on their checking and savings accounts. The products supplement traditional major medical and can go a long way to providing clients and their employees financial protection and peace of mind in the case of an unexpected medical event or diagnosis.
Building up a proper emergency fund is always the goal, but it is not always achievable – and medical crises can happen when they are least expected. When a serious medical event occurs, the focus should be on recovery – not finances. On National Savings Day, consider adding EssentialCare to your clients’ and employees’ health solutions to offer financial protection.
1 6 in 10 American’s don’t have $500 in savings, CNNMoney (New York)
2 This is the real reason most Americans file for bankruptcy, CNBC
ESSENTIALCARE PRODUCTS ARE LIMITED BENEFIT POLICIES—READ YOUR POLICY CAREFULLY. THESE POLICIES ARE NOT MAJOR MEDICAL INSURANCE AND ARE NOT INTENDED TO BE A SUBSTITUTE FOR MAJOR MEDICAL COVERAGE.BCS EssentialCare insurance is underwritten by BCS Insurance Company, Worthington, OH (Administrative Offices: Oakbrook Terrace, IL). See policy documents for a complete description of benefits, exclusions, limitations, and conditions of coverage. Features and availability vary by location, and are subject to change. Some products may be pending regulatory approval in certain states.