Medical Bills Cause Most Bankruptcies

[Mark]

Medical Bills Cause Most Bankruptcies

Nearly two out of three bankruptcies stem from medical bills, and even people with health insurance face financial disaster if they experience a serious illness, a new study shows.

Medical Bills Cause Most Bankruptcies - Well Blog - NYTimes.com

 

[Crabcake Johnny]

Interesting that those with insurance averaged over $17K in bills.

 

[djs]

Interesting how the article starts out trying to blame the medical bills, but then cites the bills as contributing to the bankruptcy, rather than causing it.

My guess is that it isn't as much the medical bills as it is being out of work during the illness, and unable to recover from the loss of income and extra bills.

Dan

 

[padthaiforlunch]

Good point. The government should pay us when we are out sick.

 

[SportsNut]

Good point. The government should pay us when we are out sick.

We are approaching that point, apparently. Just how much more "nanny state" could we become...?

"1 out of every 6 dollars of income of Americans' income is now coming in the form of a federal or state check or voucher"

"government spending on benefits will top $2 trillion in 2009 — an average of $17,000 provided to each U.S. household"

Source: USA Today, undated.

 

[somarco]

Considering most folks live paycheck to paycheck, a decent STD plan would be in order.

Or some quality time with Dave Ramsey . . .

 

[Norwayguy]

I saw an article that was done a couple years back before the big wave of Forclosures and it said only about 4% of forclosures happen due to death but like 44% due to loss of a paycheck due to accident or illness....obviously designed for disability sales but its is true in many ways...I would in most cases cover death before the disability due to most of my clients at least having either short term coverage or as teachers wonderful sick day features as well as sick pools through the employer. But that doesn't mean the spouse is covered for DI.

 

[The DI Doctor]

Great post! Too many people are unaware of this. Only more crucial today than yesterday. Knowledge is power!!