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Payment Protection Insurance
In today`s challenging work environment and due to the global economic downturn, there is a real concern for many people regarding the security of their job with the threat of being made redundant ever increasing. The biggest fear for many is that they may struggle meet mortgage payments or pay other financial commitments should they be made redundant. As people try to protect themselves against loss of income, they may opt for cover in the form of the controversial Payment Protection Insurance (PPI). Payment Protection Insurance is there to cover you should you fall ill, have an accident so you are unable to work or lose your job. Although this type of insurance can offer you the necessary cover you require there have been many instances where people have been mis-sold the insurance cover. This had lead to complications when trying to claim against the policy and has also left people paying far more for their policy than they should. Following this, it has recently been announced that people who believe they have been mis-sold Payment Protection Insurance (PPI) have now been given extra time to take their cases to the Financial Services Ombudsman. This specifically applies to people who have had a complaint rejected by the firm that sold them the loan, meaning they now have upto six months to take their complaint to the Ombudsman. At its peak, nearly 150 people a day registered official complaints regarding PPI with almost a third of the total number of complaints relating directly to controversial insurance payment product.

In 2003 health care spending rose four times the rate the inflation. The annual premium for an employer health plan covering a family of four averaged nearly $10,000. The cost of medical care continues to rise at the fastest rate in history.

Health insurance premiums will rise to an average of more than $14,500 for family coverage in 2006.

Surveys reveal that the number one reason many people have no coverage is because health insurance is too expensive. 23% percent of people who do have health insurance have had to drastically change their spending habits so that they could make the insurance payments.

You`ve read about the rise in the number of bankruptcies. A study shows that the average medical debt of those who filed for bankruptcy is $12,000... And 50% of bankruptcy filings were partly the result of medical expenses. Every minute two people in the U.S. file for bankruptcy because of serious medical problems.

Research shows that even when one member of a family is uninsured and requires a hospital stay, or costly medical treatment, the medical bills can effect the financial position of the entire family as they try to help with costs.

Government officials agree that health care costs must be controlled, but they continue to argue about how to do it. Some say it must be done with price controls and by imposing strict budgets on health care spending. Others cry for free market competition as the solution to the high cost of medical care.

An important step in the right direction would have all of us adopting healthy eating habits and lifestyles. We all would require less medical care and those costs would drop.

For individuals and families is vital that you have at least some form of health insurance policy. It may be sensible to keep your health insurance cost as low as possible by having coverage for only a catastrophic illness. The expense of most medical treatment can be paid for over time. It is the unexpected major, life threatening injuries and diseases that can wipe you out financially.

One thing is certain. To protect your financial future you must have at least some type of health insurance policy.

Mark Walters presents a complete guide to health insurance at http://www.HealthInsuranceMonster.com

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For more information about this article and/or the author visit http://www.HealthInsuranceMonster.com

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