Medical Bankruptcies - The Growing Reality
Catastrophic illnesses are claimed to have triggered approximately half of all personal bankruptcies in the United States. According to recent findings from a Harvard University study, most people who go bankrupt because of medical problems also have health insurance. Researchers found that many private insurance plans that offer limited catastrophic coverage were inadequate and offer little financial security for less severe illnesses.
Questionnaires were distributed to 1,771 bankruptcy filers in 2001 in California, Illinois, Pennsylvania, Tennessee and Texas. According the study, a total of 1.46 million personal bankruptcies were filed in the United States during 2001.
Nearly 1,000 individuals questioned gave detailed interviews about their financial and medical circumstances. Sickness and rising medical bills were cited as the cause, in part, for 46.2 percent of the personal bankruptcies. The numbers grew to 54.5 percent when an additional three other factors were included as triggers for medical-related bankruptcies: birth, death and gambling addiction. The study assessed that medical bankruptcies currently affect approximately 2 million Americans annually, including 700,000 children.
The study also cited that a majority of individuals looking for court protection from creditors had health insurance, with more than three-quarters reporting they had coverage at the beginning of the health catastrophe that triggered their bankruptcy. The study also found that 38 percent of the participants had temporarily lost coverage by the time bankruptcy was filed, with catastrophic sickness or injury frequently leading to both job and insurance loss.
Unfortunately, it's become apparent that, for many Americans, serious illness often leads to job loss, which also means loss of health insurance. High-priced coverage through COBRA, while well intentioned, is meaningless if people can't afford to pay for it. Bankrupt families also lose more than just assets. One out of five families goes without food. A third had their utilities shut off, and nearly two-thirds skipped needed doctor or dentist visits.
The study's findings also indicated medical-related bankruptcies often hit middle-class families hard; with 56 percent of the filers being college graduates who owned a home. The study did not, however, examine how many bankruptcy filers were from dual-income families, where both partners had medical insurance.
The Harvard findings echo previous studies which have generally reported that a majority of bankruptcy filers cite medical problems as a primary cause of bankruptcy, as well as other factors, including easy credit, job loss and financial mismanagement.
Many health insurance experts suggest that the Harvard study did not adequately explore the role disability income protection plans and personal savings can play in helping individuals with medical problems avoid bankruptcy.
If you're uninsured, concerned about your current individual health plan's catastrophic coverage, or simply tired of paying an arm and a leg for major medical health insurance, you should take a look at the revolutionary comprehensive individual health insurance solutions created by Precedent specifically for young, healthy individuals.
Related Tags: precedent, health insurance texas, affordable health insurance texas, health insurance dallas, health in
Melih ("may-lee") Oztalay, CEOSmartFinds Internet MarketingWeb: www.precedent.comEMail: firstname.lastname@example.orgPrecedent - Health Insurance For The Rest Of UsYour Article Search Directory : Find in Articles
Recent articles in this category:
- The Beginning of the Cataloging Code
The first significant cataloging code was published in 1841. The realization that cooperation and s
- In the Lap of the Gods 24
Life moved on. Lily became well liked by both students and staff because of her cheerful outlook on
- In the Lap of the Gods 23
Does fate decide the future? Is it all mapped out for us, predestined, or can we influence what com
- Write Your Memoir: How to Write About What Troubles You the Most
Everyone has a story to tell, and unfortunately those stories aren't always pleasant. What makes me
- How Crafty Word Order Can Instantly Improve Your Writing
by Philip Yaffe I am usually very reticent about offering writing tips. Unless they are linked to
- You Say Grandpa, I Say Deda
I was born with two grandmothers but only one grandfather. In nature's rules of familial supply and
- My Russian American Dichotomy
I was a Russian girl and an American teenager. I had no choice about the first but I tried very har
- In the Lap of the Gods 22
This is just an explanation for those who have read some of the other Chapters of, "In the Lap of t
- Write a Book: 8 Reasons You Should Do it
Studies have shown that 82% of people want to write a book, but few of these actually ever achieve
- Book Review: the Book of Common Prayer
Book Review: The Book of Common Prayer, "My carry-with-me copy is this size, and I recommend it for
Most viewed articles in this category:
- Real Estate Investment - Investing In Commercial Properties
As in any other type of investment, its obviously advisable to do your research well so that the pro
- Taking Care Of Acne Prone Skin With Proper Skin Care Products
Although acne has been largely associated with teeners and puberty, the condition is not only confin
- Do I Really Need Eight Hours Of Sleep Each Night?
What if you were told that there is no definitive answer for why we need to sleep? Your initial reac
- How to Improve Your FICO Credit Score
If you didn't know this already, having a good credit score is more important than having a lot of c
- 10 Tips for a Magnificent Memory
"Where did I leave my keys?" "What did I come in here for?" "Your glasses are on top of your head!"
- Things You Might Like To Know About Card Companies
If you have a regular income and are 18 or over then you may be able to get a credit card. You will
- Bad Breath in Babies and Toddlers
If your baby or toddler has had bad breath lately, not to worry. There are plenty of things you can
- Starving College Students No More
The majority of today's college students are extremely Internet savvy. In fact, many of those studen
- Cosmetic Surgery Financing: How Can You Get It?
Cosmetic surgery, a branch of plastic surgery, can be quite expensive, especially if you are plannin
- Article Marketing, Improve Your Ranking With Links
Article Marketing, without a doubt remains the best free formula for attracting website traffic. At