Sunday, June 07, 2009

2 out of 3 bankruptcies are from medical bills.

no one wants to talk about it. our bankrupt government bankrupting us with insane healthcare costs that have drained the finances of ANYONE who has been self-employed or under-insured this past decade, when companies transitioned from giving lavish benefits to giving truckloads of pink slips.

U.S. News and World Report notes that 75 percent of bankruptcies in America today are the result of healthcare expenses gone awry.

So while GM bails out and the financial services industry bails out, American families unable to afford $10,000 per year in deductibles and another $10,000 per year in premiums along with a couple grand a year in doctor's visits and RX's not covered under their plans get to inherit the lasting effects of going bankrupt.

According to the report:
The costliest medical conditions are neurological problems, which cost patients $34,167 in average out-of-pocket healthcare expenses, according to a study in Thursday's online edition of the American Journal of Medicine. The study found that from 2001 to 2007, the number of bankruptcies caused by medical bills rose by about 50 percent. Insured Americans bankrupted by health problems had an average $17,749 in medical bills; those without insurance had bills amounting to $26,971, on average.

The report also provides some tips for saving $ on healthcare, though I've tried most of these, and they require a LOT of time for very puny results if you ask me.

It appears President Obama is turning his attention to the healthcare mess, and not a moment too soon.


two crows said...

I was self-employed for years and -- hooray! someone finally understands the downsides of self employment: 1] no health insurance and 2] paying double the Social Security of everyone else.

yes, making your own choices, schedules, etc. etc. are wonderful. but having no safety net really sucks.

Cami Checketts said...

Thanks for the article and the tips on saving on health care. Our insurance is a nightmare, we end up paying all of our medical bills. This really helped,

Caught in the Middle- Age said...

I considered getting a job full time- to get the benefits- then discovered that some insurance plans are cheaper than I was paying as a full timee employee in the medical field.
On the other hand- I work with elderly that still have enormous bills- After the MEdicare pay their part.