Chicago Bankruptcy Lawyer Blog

Chances are there's a surprise from your employer on its way to your mailbox, and it's not a Christmas card.

As they seem to do every year, health care premiums are going up in January, note Chicago bankruptcy attorneys. And employers are passing those costs on to us. Sometimes insurers will include a vague reference to costs associated with the federal healthcare reform as explanation for the hike, and sometimes they'll provide no reason at all. But while insurance companies can play it off like no big deal, a 20 percent increase in monthly payments presents a real problem for Americans hoping to get their spending on track for 2011.

Continue reading "Employer Health Insurance Premiums Rise for Chicago Workers" »

It's enough that we have to worry about our IRAs and 401ks. But what about these new HSAs?

Believe or not, insurance companies aren't trying to make our heads spin. Health Savings Accounts - savings funds where we can stash money for potential medical-related expenses - might be the ticket to affordable health insurance for many Americans, according to Chicago bankruptcy attorneys. Just how much you'll benefit from an HSA depends on your unique financial situation.

Continue reading "Health Savings Accounts Have Pros and Cons for Chicago Insurance Customers" »

As if it isn't annoying enough that credit card and bank account fees are getting higher, now health insurance premiums are poised to jump skyward, according to Chicago bankruptcy attorneys.

In at least six states, people who buy their own insurance could see rates rise by at least 50 percent, according to the Associated Press. And they're not alone - employees with insurance plans through work have been seeing 5 percent more on average amounts carved out of their paychecks.

Americans deserve affordable health insurance, whether it comes from a government option or not. But in the meantime, some insurance is better than none - and canceling your plan to save money might be a risk you can't afford. Unless you can accurately predict the future, gambling that you won't get sick is a bad bet. An unexpected illness or hospital stay can cost you thousands more dollars than you'll save by not paying your monthly premium - in extreme cases, it could cost you millions. Fortunately, there are ways to lessen the pain of paying for health insurance so you can afford to be protected.

Continue reading "Healthcare Costs Go Up While Incomes Go Down, Say Chicago Bankruptcy Attorneys." »

Today's economy is bad for a lot of things - stress levels, job security and housing prices to name a few. But, believe it or not, it might be good for your health.

Life expectancy actually increased during the Great Depression, according to new research by the University of Michigan. Think it sounds like a fluke? Then how do you explain the fact that researchers found the same pattern in recessions during the 80s and 90s and in countries other than the U.S.?

The theory is that people unknowingly engage in healthier behaviors when times are tight. They smoke and drink less because they have less expendable income to buy cigarettes and alcohol. They drive less and walk or bike more because gas is expensive. They eat out less, and thus eat healthier, to save money. They might even get more sleep, since there's less pressure at work when business is slow - or maybe they're out of work altogether. It seems that the same habits that could save your bank account might also save your life.

Continue reading "Bad Economy Might Have Health Benefits" »