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If Disease Doesn’t Do You In, Disease-Related Financial Disaster Could

asset protection

Asset protection is a topic many people avoid until it’s too late – until a financial disaster is looming or upon them,

And, by too late, I mean once you’ve been diagnosed with a serious illness requiring treatments that cost a fortune. Cancer is one of those diseases that can ruin people financially.

I hear stories everyday about people who had to go bankrupt after or while in the middle of paying their medical bills. It makes me want to shout from the highest rooftop, “PUT AN ASSET PROTECTION PLAN IN PLACE BEFORE YOU GET SICK!” If you never get sick, fantastic, your assets will be available to leave to someone or some organization you love.

How do you guarantee that your life savings and accumulated wealth will remain yours? How do you survive unexpected medical expenses? Here’s how: Take proactive steps to protect your assets. An asset protection strategy put into place well in advance of the need is your peace of mind against future liability. The key is to get the right information and then to take action.

Single Largest Source of Personal Bankruptcies

The single largest source of personal bankruptcies in the United States is debt resulting from medical bills. According to NerdWallet Health, some 57% of U.S. personal bankruptcies can be directly tied to medical bills (and that’s excluding factors such as related job losses, which push the percentage higher).

You Can’t Depend On Insurance Coverage

Even if you have health care coverage, that doesn’t mean your insurance will cover your medical costs. California’s largest insurers denied 13.1 million claims in just the first three quarters of 2010. That amounted to 26% of all claims submitted. For example, of these insurers, PacifiCare denied 43.9%–Cigna 39.6% and Anthem Blue Cross-27.3%.

Also, your coverage could have a cap. But what if your medical bills are twice what you are allowed. I’ve had clients come to me with $1million dollar medical bills and their insurance coverage had a $500,000 lifetime cap.

Asset Protection Can Shield Your Home And Savings From Lawsuits

If you were in a serious accident or were diagnosed with a serious illness, you received treatment and you were unable to pay your medical bills, the hospital could sue you for payment. Having a solid asset protection plan could potentially protect your home, the equity in your home and your savings from being ravaged by the lawsuit. That all depends on when the asset protection plan was put into place. It must be well in advance of any lawsuit filing.

I’m Begging You

No one wants to get seriously ill or injured. But, life happens. The unexpected happens. All I’m asking you to do is to put a plan in place for the unexpected. If nothing unexpected happens, you’ll have a nice gift to leave your heirs. But, don’t wait. Take action now. Please call our office to schedule an appointment to discuss Estate and Asset Protection as soon as possible. You don’t have to expect the unexpected, just have a plan in place to deal with it should it occur. We can help you with that.