Ebook Medical Bankruptcy: Middle Class Families at Risk
No family wants to file for bankruptcy. Bankruptcy is an unmistakable sign of failure; an indelible mark that will be remembered long after the creditors have moved on and the court records have been archived.
For a family facing bankruptcy in the aftermath of a medical problem, the pill is especially bitter. Whether the problem was one of chronic disease or sudden accident, the typical family is already exhausted when it tries to cope with unpaid bills, indecipherable charges, a maze of insurance payments and denials, and time lost from work. Financial problems piled on top of health problems can be overwhelming.
For too many hard-working middle class families, a single diagnosis or accident can mean financial ruin. Even a relatively routine problem such as an appendectomy or the long-term care of diabetes can over-stretch a family’s budget. Today, I will focus on data developed by my coauthors and myself that document the difficulties facing these families. I will also briefly note other studies with different designs and different populations, taken over somewhat different time periods. These studies reveal similar problems.
Together, the work of many researchers strongly suggests that America is facing a crisis in health care. The current system for paying for medical care is bankrupting hard-working, middle class families. Since 2000, an estimated five million families have filed for bankruptcy in the aftermath of serious medical problems. According to economists, for every family filing for bankruptcy, another sixteen families are in serious enough financial trouble that they would benefit from bankruptcy if only they were more willing to file. The current health care finance system is bankrupting hard-working, play-by-the-rules American families.
The families that file for bankruptcy not concentrated among the chronically poor. Instead, they are people who have been to college, who have gotten decent jobs, and who have bought homes and started families. Most are wage-earners, although about one is seven has started a small business. In other words, when measured by the most enduring criteria, they are our neighbors and friends, a sample of middle class and working class America. Right up until the bills piled up or the time lost from work left them unable to cover basic expenses, most of these families never dreamed they would end up in a bankruptcy court.
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