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.