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Health care costs a major factor in bankruptcies

On Behalf of developers | February 14, 2018 | Bankruptcy,Medical Debt

Whether insured or uninsured, it is not uncommon for people in Mississippi to struggle to pay costs associated with health care. In fact, the Kaiser Family Foundation indicated that medical debt is the single biggest reason that consumers in the United States seek debt relief from bankruptcy.

It is estimated that more than one in four adults in the U.S. have problems paying their medical bills. This number includes people who have health insurance. In looking at people who have health insurance coverage, found that one in five people under the age of 65 struggled to pay costs not covered by their insurers. Of those, more than one in four are said to have taken on second or more jobs just to find a way to pay those medical bills. And more than 60 percent of the people resorted to tapping into savings to cover these costs. For some people, paying medical bills used up all of their saved money.

The Atlantic provided details on a report on this topic issued by the J.P. Morgan Chase Institute that takes an even closer look at the problem associated with medical costs and debt in the U.S. The report found that people who experienced significant and unexpected health care costs actually were likely to postpone treatment until a time at which they felt they might be able to afford the care.

An estimated $1,500 of unexpected medical bills per year were said to have hit approximately 40 percent of families identified as either older or middle class in the report.

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