Very interested piece from The Balance:
Medical bills were the biggest cause of U.S. bankruptcies, according to a CNBC report. It estimated that 2 million people were adversely affected. A popular Facebook meme said the 643,000 Americans go bankrupt each year due to medical costs. President Obama, in his 2009 State of the Union address, said that a medical bankruptcy occurred every 30 seconds. That’s 1 million bankruptcies in a year.
Rising health care costs make these statistics seem credible. But why are they so different? And what is the actual impact of medical bankruptcies on the economy? Most importantly, what’s the best way for you to avoid becoming one of those statistics?
Read the whole article to understand how medical debt leads to personal bankruptcy.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.