Jump to Navigation

Medical costs are a crushing problem in the United States

The cost of health care in this country is astronomical compared to some other countries. According to presidential candidate Bernie Sanders, the United States spends "twice as much per capita" on these expenses as what others spend. One issue that's coming up quite often now is how this cost of medical care is leading to personal financial crises.

A 2019 study from the Consumer Bankruptcy Project found that medical problems contribute to around 65.5% of bankruptcies. This might be a bit misleading, however, because it doesn't differentiate those who filed because of the high cost of medical bills and those who filed because they were unable to work as much as they were accustomed to.

One estimate is that around 4% of bankruptcies are due to medical bills without taking the missed work into account. Health Affairs published a study that noted that around one out of every six Americans has a medical bill that's past due and showing up on their credit report. These total around $81 billion in debt related to health care.

Around one-third of people who have medical debt note that it is from the ongoing cost of treating a medical condition, according to a Kaiser Family Foundation survey done in conjunction with the New York Times. Two-thirds of respondents stated that the issue was a one-time medical event.

Anyone who is dealing with crushing medical debt might want to get out that situation. For some, the answer is bankruptcy. Consumers can look into Chapter 7 and Chapter 13 options to determine which is most appropriate for their case. This might enable you to get a fresh financial start that sets your life on a new course.

No Comments

Leave a comment
Comment Information

What's Your Situation:

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed Visit Our Bankruptcy Website

Our Office Location:

Richard Banks & Associates

393 Broad Street, N.W.
Cleveland, TN 37364-1515
Map & Directions

Phone: (423) 244-0009
Toll Free: (866) 596-8527
Fax: (423) 478-1175

FindLaw Network

Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters.