Leading Cause of Bankruptcy

Medical bills are the leading cause of bankruptcy in America. An article in the British Medical Journal shows that 40% of bankruptcies in the United States are from medical bills. That percentage is speculated to be as high as 60%. 

No Health Insurance 

While job loss can lead to a need for health insurance when COBRA runs out, you may be surprised to learn that most people without insurance have jobs. Of the nearly 28 million working-age Americans who have no health insurance, most are in families where there is at least one full-time worker or part-time worker. People without insurance often go without medical care and important physicals or cancer prevention screenings. When a medical visit is unavoidable, extremely high provider bills can lead to high debt. 

High Medical Costs 

An accident that requires an overnight hospital stay can cost $2,000 per day. The cost of a heart valve replacement surgery, on average, is $170,000 without insurance. That’s the cost of some people’s homes. Without medical insurance, you may find yourself calling bankruptcy attorney Loxahatchee FL. Even healthy people may need a hospital. Blue Cross estimates that the cost to deliver a baby in the hospital (without complications) is around $10,000 to $11,000. While medical clinics can offer low-cost alternatives to a doctor visit for colds, bone breaks and allergic reactions, a serious condition may still be referred to the local hospital. 

Expensive Medical Plans 

It’s very difficult to get affordable health care if it is not provided by your employer. If you don’t qualify for Medicare and Medicaid, your only option is to purchase a private medical plan, which is not through the government. It’s not easy to find out the cost for an individual plan or a family plan because you must enter in detailed data online to receive quotes. Individual plans can cost a few hundred dollars per month (not including co-pays and deductibles you will have to pay when visiting a doctor), and family plans are more than double that amount. 

 

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