The role of medical debt in American bankruptcy
Medical debt is a significant factor in the reasons Americans file for bankruptcy, and Americans facing major health scares are also likely to face financial setbacks.
The plight of this circumstance was outlined in The Atlantic, which detailed how some Americans have been affected by huge medical bills. The financial impact of healthcare can be huge, with a fifth of Americans reporting a medical claim on their credit report and 60% of those who have filed for bankruptcy saying a medical expense was very much or somewhat to blame for their bankruptcy.
“Medical debt is a uniquely American phenomenon, a burden that would be unfathomable in many other developed countries,” the article reads.
And consumer advocates are concerned the problem will only get worse as the uninsured rate in the U.S. creeps back up and more Americans opt for high-deductible health plans that still leave them on the hook for thousands of dollars of care.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."