Medical Debt Continues To Be Driving Force Behind Bankruptcy Filings

A new study confirms what many American households continue to struggle with;
debt from medical bills. When it comes to filing for bankruptcy such bills continue to be one
of the main reasons why people seek legal protection. Besides rising medical
costs, other reasons bankruptcy is commonly filed include unpaid mortgages
and credit card debt. Even those who have health insurance coverage are
immune to financial hardships.

Data from the Centers for Disease Control and Prevention (CDC), the United
States Census, the federal court system, and other organizations were
collected, analyzed, and compared. Studies claim that roughly 20 percent
of American adults are struggling to pay medical bills. The study has
emphasized the continuing burden medical costs have had on families across
the country. Usually, when bankruptcy is filed some may say it is due
to poor financial choices or lack of good spending habits, but for others
this isn’t the problem.

The study showed some startling information with 25 million American’s
admit to being hesitant in taking their medication just to try and save
money. It is estimated that close to 10 million Americans may deal with
medical debt they cannot pay. A whopping 56 million Americans may struggle
in paying their medical bills this year, with many being under the age
of 65. Over 1 million American households are expected to
file bankruptcy due to inability to pay medical bills. Maxing out credit cards, draining
savings accounts, and even refinancing homes have all been completed,
leaving bankruptcy as a final resort.

Reference:
http://www.nerdwallet.com/blog/health/2013/06/19/nerdwallet-health-study-estimates-56-million-americans-65-struggle-medical-bills-2013/

By | 2017-12-13T00:47:18+00:00 June 28th, 2013|Medical Bills|Comments Off on Medical Debt Continues To Be Driving Force Behind Bankruptcy Filings