With many Americans out of work, and therefore without health insurance, medical care can put many families in a financial bind that is impossible to get out of. A 2009 study by Harvard researchers found that 62% of all personal bankruptcy filed was because of financial hardship brought on by medical problems. Unfortunately, even those with health insurance are not immune from facing crippling debt from health care costs. The same study found that 78% of those filers citing medical bills as the reason for filing had medical insurance at the start of their illness, including 60.3% who had private coverage, not Medicare or Medicaid.
Filing bankruptcy because of medical bills has been rising steadily the past several decades. In 1981, only 8% of families filing for bankruptcy cited a serious medical problem as the reason for filing.
With the uncertainty of future government interventions in health care and the continued rise of medical care costs, health care will continue to be a major cause of people filing bankruptcy. Whether it is because of a serious accident that requires extensive care or whether someone looses their job because of illness or disease, the costs associated with health care will continue to place individuals into dire financial situations.
If you or a family member has had a serious accident or illness that has resulted in medical bills you are unable to pay, or if you have lost your job because of a prolonged recovery and no longer have the finances you once had and bill collectors are harassing you, call me at 937-879-9542, I can help.
