Harvard University has reported a study finding that medical bills and related health care expenses and problems, (such as loss of employment for the ill and their family caretakers,) were a major cause of personal bankruptcy in 62% of all consumer cases filed in the calendar year 2007.
Many of these people did have health insurance, but it was not enough of a safety net to keep people from falling into a financial hole. A combination of co-pays, non-covered services and high deductibles all combined to add to these people’s problems.
While often not the sole cause of people’s financial woes, the medical situations were often the burden that pushed people over the edge. These studies are adding support to the momentum for Congress to pass some form of heath care reform package, which would hopefully address the issues of co-payments, deductibles, out-of-network charges and caps on maximum annual benefits, thereby easing the burdens on the average working family.
by: Michael B. Katz, Esq.
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