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Citing Harvard Study, BestHealthcareRates.Com Urges Consumers to Shop Carefully for Family Medical Insurance warns consumers that inadequate family medical insurance can lead to bankruptcy. Both those with family medical insurance and those shopping for medical coverage must carefully review any policy to determine their potential out-of-pocket expenses in the event of a medical crisis. 

Harvard recently released a study, which concluded that medical insurance coverage isn’t foolproof protection against bankruptcy if an individual develops a serious illness. 

Specifically, the study, which was a joint research project carried out by Harvard Medical School and Harvard Law School, found that of all the bankruptcies filed in 2007 in the U.S., more than 60% of them were due, at least in part, to medical debt. In light of these startling conclusions, is advising consumers that reading the fine print is more important than ever.  

The study, says, contradicts a commonly held perception that only individuals without major medical insurance could be bankrupted by medical expenses. Shockingly, almost 80% of those who filed bankruptcy because of medical debt are actually insured at the time of their illness.  

Only careful research before purchasing medical insurance plans can ensure that you do not wind up under-insured. No one anticipates suffering from a medical crisis, but this Harvard study shows that it is a possibility that cannot be dismissed. With hundreds of thousands of U.S. residents filing bankruptcy due to medical debt, everyone shopping for individual medical insurance needs to understand the insurance company’s coverage of out-of-pocket expenses.  

Sadly, medical insurance alone does not guarantee financial protection in the event of a serious illness. In exchange for lower premiums, families may be giving up adequate coverage for a medical crisis. It can be dangerous, the study shows, to focus solely on premium costs.  

As is to be expected, the results of the study have added fuel to the healthcare reform debate. Both the House and the Senate are considering legislation that would set minimum base levels of coverage for medical insurance polices. Other solutions being considered by Congress include a cap on out-of-pocket expenses. states that government-run healthcare will not solve the problems faced by the under-insured. The issue is with the policies themselves, not whether the individual has family medical insurance or group medical insurance in the first place. The results of the Harvard study clearly indicate that even those who have insurance are still at risk of financial ruin.

While the public waits on legislation, there is an immediate solution to this problem, says Consumer protection begins with research and information. Those shopping for affordable medical insurance must make sure they fully understand the extent of the coverage being provided. In order to avoid the situation that these bankrupt families have found themselves in, cost cannot be the only factor that goes into the equation.

For additional information, Contact:, at 877-812-5111 or online at

Since 2001, has been helping consumers find the best private medical insurance for their needs and budget. Through their comprehensive online health insurance rate search engine, empowers consumers in their search for quality low cost medical insurance.


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