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Medical Bankruptcies Up

Medical Bankruptcies Up

Medical Bankruptcies Up

Perhaps you are unaware or maybe you have indeed heard the statistic that 50% of all personal bankruptcies are caused due to medical bills. Often, far too often the folks actually had medical insurance, but the co-pays, deductibles or items not covered exceeded the ability of the patient or the patient’s family ability to pay. Most of these medical debtors were not lower class, rather middle class. The upper middle and upper class was able to weather the storm and onslaught of medical bills much easier. This tells us one thing, it tells us that the healthcare system is out of control and completely broken.

Throwing more taxpayer money at universal health care or mandatory health insurance, will only bankrupt employers and cause even more havoc with consumers. Insurance prices will rise, even if the risk is spread out over all citizens. Worse is the problem of what to do with illegal immigrants getting free health care and soaking up services, causing prices for paying customers, clients and patients and insurance rates to go up to cover those losses. Something must be done.

Even a simple emergency like a broken arm for a child could cost over $35,000.00 and many families simply cannot pay or they have to max-out their credit cards to do it. In Indiana for instance the problem is so bad that medical induced bankruptcies were up 25% in 2007 alone. And with the mortgage crisis, this adds fuel to the fire and some bankruptcy court personnel are calling it the perfect storm. Many consumer faced with medical bills are foregoing treatment, only to have a worsened crisis later, that will only cost themselves and the taxpayers more later, by then it might be too late. Think on this.

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This entry was posted on Wednesday, July 15th, 2009 at 1:56 am and is filed under Medical News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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