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Thursday, June 4, 2009  

Lack of Affordable Health Insurance Leading to Increased Medical Bankruptcy

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An article released by Forbes today reveals that as access to more affordable health insurance has gone down, medical bankruptcy has gone up...way up.

Researchers at Harvard Law School, Harvard Medical School, and Ohio University found that in 2007, medical problems and the expenses incurred by those with medical problems contributed to almost 2/3 of all bankruptcies in the US.

That's a jump of nearly 50% since 2001, and while those who have coverage are also in the group, those who haven't been able to find affordable health insurance are paying for it again and again.

"Medical bills for medically bankrupt families with private insurance averaged $17,749, compared to $26,971 for the uninsured and $22,568 for those who initially had private coverage but lost it during their illness."

Hospital bills and prescription drugs were the biggest expenses for these people...costs that should be covered by health care.

Sadly, since the study didn't include today's economic downturn, it's likely that even more bankruptcies are fueled by a need for affordable health insurance than the study could find.

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