October 29th, 2008 by Reed Allmand 
U.S. News has an informative article about how medical expenses are sending fully insured Americans into a financial tailspin.
U.S. News says: " Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000. And their health-care costs have put them in a financial hole."
$10,000 is a lot of money to have to shell out as a deductible for medical insurance. That’s in addition to paying monthly healthcare premiums, credit card minimums, a mortgage and other everyday expenses that pop up. This family is literally a financial disaster waiting to happen. As most of us know most people who take out these high deductible healthcare plans don’t actually have $10,000 sitting in a bank account. What happens when a medical emergency occurs? They can’t pay and then the bill collectors start to call, write, file lawsuits and garnish wages which is what happened to another couple with barebones medical insurance.
U.S. News Says: "The Smiths, who raised six children together, consistently had employer-sponsored health insurance. Like the Krinskys, however, they began to notice a drift upwards in the cost of premiums as well as higher co-pays and higher deductibles in the 1990s… By 2004, their health insurance policy had a maximum out-of-pocket exposure of $9,000, and they were sued by a dermatologist for an unpaid bill. The amount? A mere $600. Donna’s wages were garnished, and the couple were forced to declared bankruptcy and sold their house for pennies on the dollar, all while they were technically fully insured."
Being fully insured with outrageous deductibles is risky business to put it mildly. If you notice that your medical bills are pushing you to the brink financially, don’t wait until it’s too late and your wages are being garnished. As soon as you see that medical expenses are jeopardizing your ability to stay afloat financially, that’s when you should begin considering all of your options, including Chapter 7 or Chapter 13 bankruptcy. You are not alone, according to data from the Commonwealth Fund, over 72 million Americans are overwhelmed with medical debt and have difficulty paying their medical bills.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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