Economic downfalls such as losing a job or not having medical insurance has caused many Americans to file for bankruptcy. According to the “Bankruptcy in America” infographic more than two out of three bankruptcies result from medical bills. The top three states that have suffered the most from medical-related bankruptcy are California, Illinois and Florida.
The ability to pay regular monthly bills such as the mortgage, utilities, car note and food expenses can be a struggle for most households. However, when you factor in medical bills it becomes stressful. The infographic also noted that one in five adults struggle to ensure their medical bills are paid. Another one in ten adults will have unpaid medical bills that are sent to collection agencies. The question is, will the “American Care Act” help alleviate some of the medical debt issues.
The accumulated medical debt is not a result of uninsured individuals that end up visiting the emergency room. Instead, most of the medically related debt that has resulted in bankruptcy filing come from those who already have existing medical insurance coverage. However, the issue that caused them to go into debt can be contributed to the lack of a cap on the amount that the insurer should be responsible to pay toward their medical bills.
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