Coronavirus – A Threat To Financial Security As Well As Health

While the long-term global health impacts of the recent novel Coronavirus, also known as COVID-19, are still largely unknown, there is little doubt that the virus presents a significant threat to not only the health of you and your family, but to your financial security as well. 

The coronavirus is an evolving situation and as of this writing, State officials and local agencies in Texas are taking proper steps to mediate and prepare communities as best as possible in the event of additional "community spread" cases. Although the number of cases in the United States remains low, those numbers are expected to rise dramatically, especially with at least a few cases appearing to have been contracted via community spread, as opposed to foreign travel.  Worldwide, there have been over 88,000 cases, with over 3,000 deaths.  Because the virus is extremely contagious and because symptoms may be so mild early on in the progression of the illness that the infected may not know they are sick, the virus has a strong potential to develop into a global pandemic very quickly.

The symptoms of COVID-19 include fever, dry cough, and fatigue, with some individuals progressing to severe breathing difficulties and organ failure.  Most fatalities and life-threatening issues associated with coronavirus are among the elderly and people with serious pre-existing health conditions, much like with the common flu.  But as with the flu, a case of the coronavirus doesn’t have to be life-threatening to seriously impact your life and finances. 

The coronavirus is not the only recent serious illness that can wreak havoc on your health and finances. Influenza, also known as the flu, is a very serious virus that has caused many deaths but is usually not spoken much of. While coronavirus cases remain relatively few in number in this country, there’s been nearly 30 million cases of influenza reported in the United States so far this year.  Treatment is expensive at best – an average of about $1,000 per case - and can get disastrously expensive if you experience complications that send you to the hospital!

The average daily cost in Texas of a hospital stay for serious flu-like symptoms is $9,929, according to Texas Price Point from the Texas Hospital Association.

Even with good health insurance, deductibles and co-payments on that level of medical expense can be a significant drain on your finances.  The flu routinely impacts people’s finances as much as their physical health, and this would no doubt be true with coronavirus as well.  

What’s more, because of the potential dangers of COVID-19, the containment measures being taken by the CDC and other public health organizations could result in considerable medical expenses even if you don’t actually have the virus!  Just the suspicion that you might have coronavirus could land you in a quarantine facility for a couple of weeks and if it’s determined that you do have the virus, you could be there much longer, regardless of the severity of your symptoms!  

So, in addition to protecting yourself as much as possible from contracting the coronavirus and other illnesses, you need to protect your finances in the event that you are impacted by a health crisis. This is why we recommend a custom-built combination of insurance policies that include plans such as the "National General Plan Enhancer" or the “Manhattan Out-of-Pocket (OOP) Protection Plan”, which can cover the deductible / out-of-pocket expense of a short-term or major-medical plan.  

We’re here to help! Schedule a call or reach out to us at 210-696-7900. We’ll review your current insurance coverage and ensure that you’re as protected as you can be in case of hospitalization and other major health care expenses.