Saturday, August 26, 2006

Heavy Debt

Most Kansas farm families have health insurance but carry heavy loads of medical debt anyway.

Farming is no longer a small business. With the amount of capital tied up in land & machinery, a wise farmer will purchase insurance to protect those assets.

The study found about 95 percent of Kansas farmers buy medical insurance -- but most of those get only minimal or catastrophic health coverage. That leaves them bearing the costs of most illnesses or accidents themselves

95% is much higher than the general population. They are to be commended. And cat cover is what everyone should buy. We don't have copay's for oil changes, tires or gasoline for our automobile. Why do we think we need copays for routine items like doctor visits?

Ninety percent reported owing money to their doctors, with nearly that percentage owing money to hospitals. About two-thirds had outstanding prescription costs, while slightly over half had bills with dentists.

Most people think hospital bills will wreck you financially. Fact is, about 40% of claim dollars paid by carriers is for hospital bills. That leaves another 60% for outpatient care such as doctors & Rx costs.

Total debts varied widely, with the median about $2,500.

When did $2500 become classified as a "heavy debt"??
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