Study finds medical bills drive about half of personal bankruptcies
KRT Wire | 02/01/2005 | Study finds medical bills drive about half of personal bankruptcies
A new study conducted by Harvard University researchers, published today in Health Affairs, has revealed that up to half of all personal bankrtupcies in the US are driven by medical bills.
For many, health problems set in motion a downward spiral that led to unemployment and subsequently the loss of health insurance, Woolhandler said. Or, their coverage was filled with so many high co-payments, deductibles and uncovered services that they couldn't pay their bills. Out-of-pocket expenses averaged $11,854 for the medically bankrupt.
While that may not sound like a catastrophic sum, the authors note that many of the debtors lost their jobs because of the medical problems. "It's an awful lot of money to pay if your income has been reduced because you're too sick to work," said Woolhandler.Get the full story here.
