Statistics have long told us that a significant percentage of personal bankruptcy filings in the United States stemmed from medical problems. A 2001 study indicated that medical problems were a contributing factor in at least 46.2% of personal bankruptcies. By 2007 that number had climbed to 62.1%, and a separate study estimated about 70% in 2008.
The importance and validity of those figures has been hotly debated, but at last week's White House health care summit a significant fact bubbled to the surface: about 80% of those whose bankruptcy filings were triggered by medical bills actually had health insurance coverage. That news--which isn't really news at all but hasn't been the focus of much coverage in the past--shifts the scope of the problem somewhat.
The approximately 47 million uninsured Americans have been mentioned liberally, but this statistic tells us that those without insurance are not the only people adversely affected by our current health care system. In fact, many of those who believe the current system is working well for them may believe that only because they haven't faced the kind of catastrophic illness or injury that has forced their fellow insured Americans into bankruptcy.
Whatever the solution to America's health care crisis might be, this data is key to understanding the extent of the challenge.
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1 hour ago
The figures were interesting, especially as it relates to the fact that consumers with medical insurance were greatly impacted by bankruptcy. I believe this is certainly true since I have both primary and secondary coverage and still end up with out-of-pocket expenses. I think your final conclusion stated it accurately: many of the people voicing concern have not been impacted by a medical situation that has literally wiped them out. Unfortunately, in my occupation as a credit counselor, I hear it everyday.
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