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Quote:In fact, 66.5% of all bankruptcies are related to medical issues, either because of expensive medical bills or time away from work, reported Lorie Konish for CNBC, citing a study by the American Journal of Public Health. The study looked at court filings for a random sample of 910 Americans who filed for personal bankruptcy between 2013 and 2016, and found that 530,000 families file for bankruptcy every year for medical issues or bills.
![[Image: ffed2ddc00c11b2287f05bfbd8c7572eaca44043-800x600.jpg]](https://cdn.businessinsider.nl/wp-content/uploads/2019/06/ffed2ddc00c11b2287f05bfbd8c7572eaca44043-800x600.jpg)
Foto: sourceBusiness Insider/Andy Kiersz, data from American Journal of Public Health
According to the study, other reasons for personal bankruptcy include unaffordable mortgages or foreclosure (45%), spending or living beyond one’s means (44.4%), providing help to friends or relatives (28.4%), student loans (25.4%), and divorce or separation (24.4%).
Staggering medical bills are the biggest driver of personal bankruptcies in the US. Here's what you need to know if you're thinking about filing for bankruptcy.
Unheard off in other advanced countries..
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Quote:While the exact contribution of medical bills to the number of bankruptcies is difficult to determine, one important study prior to the Affordable Care Act found that medical debt was the single biggest contributor to bankruptcies for well over 60% of Americans. Even today, while the overall number of bankruptcies has been cut in half over the last decade to roughly 750,000 in 2018, a recent study indicated that two-thirds of bankruptcies are connected to medical bills. It is interesting to note that the concept of medical bankruptcy is entirely alien to Europeans..
Americans bankrupted by health care costs: 4 questions answered
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03-17-2020, 02:58 AM
(This post was last modified: 06-18-2020, 03:38 AM by Admin.)
US citizens have a history of delaying medical treatment because of worries about costs.
Quote:One in four Americans chose not to receive treatment for a health issue over the last year due to its high cost, according to a new survey released by Gallup and West Health, a health care nonprofit.
Not only that, but 45% of Americans worry a major health issue could send them into bankruptcy and 19% have delayed purchasing medicine due to its cost. The findings, released Tuesday, display the personal and financial impacts caused by the rising cost of health care in the United States. Tens of millions of Americans are borrowing money to afford health care and cutting out other household expenses. And Americans share a concern over the rising cost of health care and how it will impact their finances and the U.S. economy..
Health Care Costs: 25% of Americans Skipping Medical Treatment | Money
More Americans Delaying Medical Treatment Due to Cost
Quote:health care is still too expensive for most: A majority of U.S. adults have to delay getting the care they need, or put it off completely, because they can’t afford it, data from financial website Earnin shows. According to the research, which combined Earnin-user data with data from a Harris Poll survey of more than 2,000 adults, 54 percent of Americans say they’ve delayed care for themselves in the past year because of cost, and another 23 percent delayed care for more than a year for the same reason..
Over half of Americans delay or don't get health care because of money
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Quote:Remember Michael Flor, the longest-hospitalized COVID-19 patient who, when he unexpectedly did not die, was jokingly dubbed “the miracle child?” Now they can also call him the million-dollar baby. Flor, 70, who came so close to death in the spring that a night-shift nurse held a phone to his ear while his wife and kids said their final goodbyes, is recovering nicely these days at his home in West Seattle. But he says his heart almost failed a second time when he got the bill from his health care odyssey the other day. “I opened it and said ‘holy [bleep]!’ “ Flor says. The total tab for his bout with the coronavirus: $1.1 million. $1,122,501.04, to be exact. All in one bill that’s more like a book because it runs to 181 pages.
Coronavirus survival comes with a $1.1 million, 181-page price tag | The Seattle Times
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Quote:Medicaid expansion doesn’t just provide more people health insurance — it appears to cut medical debt enormously, a new study has found. The Affordable Care Act offered states a huge infusion of federal money to expand Medicaid eligibility to low-income adults, and about 30 states took that deal right away in 2014. Since then, new medical debt in those states has fallen 44 percent, a dramatically bigger drop than was seen in the states that refused to expand the program over the same period. Those states showed only a 10 percent decline. The study was published in JAMA by scholars from Harvard, Stanford, UCLA, and the National Bureau of Economic Research. The researchers noted that nonmedical debt had fallen by similar amounts in expansion and non-expansion states over the time period they studied, 2009 to 2020, strengthening the case that Medicaid expansion was the difference with medical debt.
Medical debt was cut nearly in half after Medicaid expansion, study finds - Vox
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Quote:For millions of Americans, a trip to the doctor’s office or hospital can be a prescription for debt. But who do the estimated 100 million people with medical debt owe? A new analysis suggests bills for hospital care make up most medical debt in the United States — and that low-income people and people of color are disproportionately affected by overdue medical debt. The report from the Urban Institute drew on data from a June survey of a nationally representative sample of 9,494 adults ages 18 to 64. Respondents whose incomes were at or below the federal poverty level — $12,880 for an individual and $26,500 for a family of four — reported the most debt, with 26.4 percent overdue on a medical bill. The number fell as incomes rose; overall, 15.4 percent of respondents were past due.
Americans are knee-deep in medical debt. Most owe hospitals.
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