Medical Bills Caused More Than Half Of Bankruptcies Filed In 2007

June 4, 2009

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A report set to be published in the American Journal of Medicine in August, but already online, shows that more than 60 percent of personal bankruptcies filed in 2007 could be attributed to medical bills.

The study also says that over 75 percent of those who filed for bankruptcy because of medical bills had health insurance when they became ill.

One of the author’s of the report, Associate Professor of Medicine at Harvard University Dr. Steffie Woolhandler, said that large co-pays, prescription drug costs and high deductibles were among the factors that contributed to driving those with health insurance into bankruptcy court.

The study reiterates what most bankruptcy experts have been saying for years. Most American families are one medical crisis away from bankruptcy.

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