Studies Show the Effects of Critical Illness on Family Finances

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Studies Show the Effects of Critical Illness on Family Finances

Two metlife companion studies found that experiencing a critical illness such as cancer, a heart attack or stroke, can reduce a family;s income by more than $12,000 in the first year alone–even with medical coverage in place–primary due to the inability to work. In addition, these families experience out-of-pocket medical costs of about $3,000 in the first year after diagnosis. Yet nearly half (46%) of full-time working Americans have less than $5,000 in savings available to tap to cover expenses in the event that they, their spouse or significant other was diagnosed with a major illness, and more than one-fourth (28%) have less than $500

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