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Wednesday
Aug312011

Number of Americans filing for bankruptcy because of medical debt is on the rise

The number of people filing for bankruptcy because of medical debt is rising, according to an article in the New York Times. 

The article reports that about 20% of those seeking financial counseling this year reported medical bills as the primary reason, up from 12 – 13% from the past two years.  

The article cites several reasons that could be contributing to the problem, among them more employers offering high deductable plans, which leave consumers with high out of pocket costs should they get sick, and the unemployment rate remaining high, leaving many with no health coverage.

(Sources: New York Times, http://bucks.blogs.nytimes.com, August 18, 2011; The Advisory Board Daily Briefing, http://advisory.com, August 22, 2011)

 

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