15 Money Myths That Can Destroy Your Retirement

Myth 8: My Health Insurance Will Cover Me If I Get Very Sick

If you are diagnosed with a critical illness or get into a serious accident, there’s a good chance that your health insurance policy will deny certain claims or only partially pay for health care expenses. If you have a plan under the Affordable Care Act, you could be paying anywhere from $2,159 to $6,904 in out-of-pocket health care costs before you meet your deductible. Being diagnosed with cancer or other serious health conditions means you could also be paying for many medical services not covered by your Obamacare plan. If you don’t have money set aside for medical or health emergencies — or some type of critical illness insurance plan that covers all costs upon diagnosis– you may end up struggling with medical debt for years to come.