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Medical costs related to spike in senior bankruptcy

People in Mississippi who find themselves saddled with high medical debt are far from alone it seems according to the results of a study published recently. As reported by Business Insider, the study was conducted by the Consumer Bankruptcy Project and found serious concerns about the financial status of baby boomers and noted that the rising cost of health care is one of the contributing factors.

The report evaluated close to 900 questionnaires or bankruptcy filings across consumers aged from 19 to 92. The researchers found that consumers who are 65 years of age or older have filed for bankruptcy at rates between 200 percent and 300 percent higher than did their counterparts in 1991. Between February of 2013 and November of 2016, an estimated 100,000 people in the baby boom generation filed for bankruptcy per year.

The financial problems this generation is experiencing are compounded by multiple factors. The amount of money they must pay for medical costs not covered by insurance coupled with delayed receipt of Social Security are some of the reasons this generation is struggling with debt. These consumers have also spent a lot of money on care for their aging parents only to find themselves in need of financial assistance now.

Reduced incomes and the move away from the reliable pensions to the more volatile 401K plans are also leaving several seniors in need of bankruptcy relief. Many of these people have also co-signed on student loan debt for their children. The report also suggested that the generation just behind baby boomers, Generation Xers, also have increased bankruptcy filings.

 

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