ARE THE RISING COSTS OF MEDICAL BILLS PROMPTING MORE BANKRUPTCIES?
A study that will be published in the August issue of the American Journal of Medicine indicates that bankruptcies due to medical bills have increased by nearly fifty percent in a six-year period. This year, it is estimated that 1.5 million people will be declaring for bankruptcy. Many people may chalk that up to over-spending or lavish lifestyles, however, this new study suggests that close to sixty percent of people who go bankrupt are actually overwhelmed by medical bills.
The sad part of this study is that seventy-eight percent of the people with a medically-related bankruptcy actually had health insurance. Many of these people that are declaring bankruptcy actually have gaps in their coverage like co-payments, deductibles and uncovered services. Similarly, some people that had private insurance became so sick that they lost their jobs and insurance.
Obviously, this is a big concern. The Law Offices of Jeffrey J. Kroll see this happening frequently when innocent victims are the result of medical malpractice or a trucking accident that causes someone to become disabled and unable to work. When that occurs, the medical bills continue to rise and people become overwhelmed. Our offices have experience in addressing these situations. If you have any questions, please do not hesitate to contact us.
