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Medical Debt Number One Cause of Personal Bankruptcy

January 7, 2011

Baltimore Sun reported today that medical debt is the number one cause of personal bankruptcies in the United States. On top of that disgraceful fact, the Sun reported that many had health insurance, but it simply was not enough to cover expenses. The system is not working. We need to break up the entire ‘system’ and create community healthcare, locally run, locally controlled with no managed care layer and no political Big Brother element for denying care. If doctors cannot see that denying care is unethical, that charging exorbitant rates is exploitive, then we have a deeper problem than we think.

The article suggested……Review your health insurance coverage. If you are insured through an employer or buy your own coverage as a self-employed person, investigate what that coverage actually provides in everything from minor emergency room visits to major catastrophic diseases, such as heart problems or cancer. There’s a good chance those benefits change – and have probably decreased – year-to-year. It’s a good idea to seek help with this process. A trusted insurance agent or a trained financial adviser, such as a CERTIFIED FINANCIAL PLANNER™ professional, can review this coverage with you or recommend an expert who can.

Financial planners are not exactly cheap, but worth considering to get an overall view of where you stand.

Entire article:

  1. November 16, 2011 at 8:52 am

    This was and still is sad news. It is unimaginable losing your money to medical insurance just to safeguard you for future circumstances involving your health. Individuals should find better health deals in order to avoid being bankrupt.

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