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Rising Drug Costs Contributing to Personal Bankruptcy Filings

Posted By Allmand Law Firm, PLLC || 22-May-2013

Medical debt continues to be one of the most common reasons why people file personal bankruptcy. Yet, recent studies may provide evidence that rising drug costs are partly to blame. Medical debt related to unpaid bills is one matter, but for those who are dealing with a medical illness, the rising cost of medicine is making it more difficult for consumers to pay debt obligations outside of their illness. In some cases, people have filed for bankruptcy in order to maintain or continue receiving medication in order to sustain survival.

Illness has become a top issue causing many Americans to file bankruptcy. Data from organizations such as the American Society of Hematology show how drug costs for certain illnesses have gone up drastically in recent years. The Food and Drug Administration (FDA) approved 12 new drug medicines last year. Yet, out-of-pocket expenses for patients can run nearly $20,000 a year or more, depending on their health condition.

Cancer patients alone may pay thousands each month for their medications. Doctors claim they want drug costs lowered since it has an effect on patients. Some patients who do not have the ability to repay feel they cannot follow through their treatment properly knowing their insurance will only cover so much. Aside from cancer patients, those who are diabetic or deal with chronic health issues may find continual treatment options more difficult if they are financially challenged.

Categories: Medical Bills
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