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Medical bankruptcies, the growing reality

Catastrophic illnesses are allegedly caused about half of all personal bankruptcies in the United States have. According to recent findings from a study by Harvard University, most people who go bankrupt because of medical problems have Health Insurance. The researchers found that many private insurance plans, limited offer catastrophic coverage was inadequate and offer little financial security for less severe Diseases.

The questionnaires were distributed to 1,771 in 2001 bankruptcy filers in California, Illinois, Pennsylvania, Tennessee and Texas. According to the study were a total of 1.46 million Personal bankruptcies were filed in the United States in 2001.

Nearly 1,000 people question were detailed interviews about their financial and medical circumstances. Disease and rising medical bills were cited as the cause, in part, because 46.2 percent of personal bankruptcies. The numbers grew by 54.5 percent if another three other Factors were included as triggers for medical-related bankruptcies: birth, death and addiction. The study assessed that medical bankruptcies affect currently about 2 million Americans annually, including 700,000 children.

The study cited that a majority of citizens to seek court protection from creditors had health insurance, with more than three quarters of reporting had coverage at the beginning of the disaster which caused the health of their insolvency. The study also found that 38 percent of the participants coverage had temporarily lost by the time bankruptcy was sought with catastrophic illness or injury often on both job and insurance loss.

Unfortunately It has become clear that for many Americans, serious illness often leads to job loss, which also means the loss of health insurance. Upscale Coverage through COBRA, while well intentioned, is meaningless if people can not afford to pay for it. Bankrupt families lost more than just assets. One of five families goes without food. A third had their utilities shut off, and almost two thirds skipped doctor or dental visits necessary.

The Results of the study also noted medical related bankruptcies often affected middle-class families hard, with 56 percent of filers are university graduates, a house owned. The study did not examine how, many bankruptcy filers of dual-income families where both partners had health insurance.

The Harvard findings echo previous studies that reported generally that to name a majority of bankruptcy filers medical problems as a primary cause of bankruptcy, and other factors, including the Easy Credit, job loss and financial mismanagement.

Many health insurance experts suggest that the Harvard study has not adequately investigate the role of disability income protection plans and personal savings can help to prevent people with health problems Bankruptcy play.

If you are not insured to pay current concern about your personal health records plan, catastrophic coverage, or just tired an arm and a leg for the major medical health insurance, you should look at the revolutionary comprehensive Individual Health Insurance solutions from companies created specifically for young, healthy people.

About the Author

Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance. Learn more at Precedent.com

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