Source: Consumer Reports, May 2009
From the press release:
Insurance loopholes and limits can leave consumers with huge medical debts.
A new Consumer Reports investigation finds that many people who believe they have good health insurance actually have coverage so riddled with loopholes, limits, and exclusions that it won’t come close to covering their expenses if they fall seriously ill. The report includes a table listing the staggering treatment costs of many common conditions, leading off with late-stage colon cancer at $285,946.
At issue are so-called individual plans that consumers sometimes get on their own after losing their jobs or if they are self-employed. An estimated 14,000 Americans a day are losing their job-based coverage, cites Consumer Reports, and many may be considering individual insurance for the first time in their lives.