Individuals often see insurance as being a grudge purchase, even health insurance plans, but these are absolutely essential for every individual residing in the US at present. The economy is lousy, retirement funds have very little value in them and people are having their houses repossessed left and right.
Unemployment rates have sky rocketed, property no longer has value in it and this is what many individuals rely on in a financial crisis. Bankruptcies are occurring all over the place and incidences of both these and foreclosure are at an all time high. Over the same period in last year, bankruptcies have actually enlarged by 34. 5%.
A recently released article in the American Journal of Medicine, conducted by Harvard Medical School and the Cambridge hospital indicates proof exists that medical expenses are linked to bankruptcy rates. People are filing for this because unaffordable medical costs are climbing and, bankruptcies are rising to epidemic proportions. People are losing everything they own because of outstanding medical bills they cannot pay.
Enter another two universities into the study, Ohio and Harvard Law School. These universities have set up research which categorically says 60% of bankruptcy recordings in 2007 were made by individuals being unable to afford to pay bills for medical treatment. It is already bad enough that the price of medical treatment is so high, but for people to have been brought so low by it is an even larger hex.
This is a socio-economic catastrophe waiting to occur. But you know the abilities that be? So now affairs are getting more out of hand and a open study was conducted by these respectable US halls of learning. 2,234 random samples were used of 2007 bankruptcy filings. These samples are what directed to the above outcomes. Court papers were looked into and people personally questioned, and determined to have had themselves declared bankrupt for medical causes. In comparison to 2001, the 2007 figures had risen by 60%!!
People who have health insurance also still have to file for bankruptcy as they suffer life threatening illness, because they are under-insured. When this happens they are left with a mounting pile of outstanding medical bills. Many of these medical bills are several thousands of dollars.
When the study looked at medically bankrupt cases, most average insured individuals still owed as much as 18,000 for medical services. Of the uninsured group the average out-of-pocket expenses was more than $26,000.
Nearly all medical insurance is linked to employment, if an sickness can trigger both the loss of a job and health insurance coverage, that individual is quite plainly in very deep trouble, what on earth have we done to be experiencing a state of affairs such as this?
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