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Medical Bills Cause Most Bankruptcies

Original post made by The Fixx on Aug 4, 2009

Nearly two out of three bankruptcies stem from medical bills, and even people with health insurance face financial disaster if they experience a serious illness, a new study shows.

The study data, published online Thursday in The American Journal of Medicine, likely understate the full scope of the problem because the data were collected before the current economic crisis. In 2007, medical problems contributed to 62.1 percent of all bankruptcies. Between 2001 and 2007, the proportion of all bankruptcies attributable to medical problems rose by about 50 percent.

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Comments (1)

Posted by Stacey, a resident of Amberwood/Wood Meadows
on Aug 4, 2009 at 10:53 am

Stacey is a registered user.

Here's another article that underscores this: Web Link

"Between 2000 and 2003, seven in ten adults who were driven into debt by medical expenses had insurance at the time. In 2001, 42.5 million people in insured households paid 10% or more of the family's net income in medical expenses."

"Premiums for family coverage in employer-sponsored health insurance plans have increased by 73 percent since 2000."

"Currently, they're rising three times faster than the average paycheck and more than twice the rate of inflation."


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