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Devastating diseases are said to be about half of all personal bankruptcies are triggered in the U.S.. According to recent findings of a study by Harvard University, the Most people who go bankrupt because of medical problems have health insurance. The researchers found that many private insurance plans provide limited catastrophic coverage, which were inadequate and offer little financial security for less severe illnesses.
There were 1771 questionnaires to bankruptcy filers distributed in 2001 in California, Illinois, Pennsylvania, Tennessee and Texas. According to the study a total of 1.46 million have been Privatkonkurse in the United States in 2001 submitted.
Almost 1,000 people surveyed gave detailed interviews about their financial and medical circumstances. Disease and rising medical bills were considered Cause, led in part, for 46.2 percent of Privatkonkurse. The number rose to 54.5 per cent if a further three other factors were involved as triggers for medically-related Bankruptcies: birth, death and addiction. The study found that medical bankruptcies affect currently about 2 million Americans annually, including 700,000 children.
The study also cited that a majority of people had to seek court bankruptcy protection insurance, with more than three quarters of reporting coverage were triggered at the beginning of the health disaster that the bankruptcy law. The study also found that 38 percent of the participants were temporarily lost coverage by the time of bankruptcy had been applied, often with catastrophic illness or injury to both job and insurance loss.
Unfortunately, it has become clear that, for many Americans, a serious illness often leads to loss of employment, which also means the loss of health insurance. High-priced coverage through COBRA, although well intentioned, is meaningless if people do not pay for it. Bankruptcy families also lose more than just assets. One out of five families go without food. A third had turned off their aid programs, and nearly two thirds necessary skipped attending physician or dentist.
The results of the study also noted medical-related Bankruptcies often hit middle-class families hard, with 56 percent of filers are college graduates owned a house. The study did not examine how many Bankruptcy filers of dual-income families where both partners had had health insurance.
The Harvard findings echo previous studies in general have reported that a majority of bankruptcy filers medical problems as a primary cause of bankruptcy mentioned, as well as other factors, including the Easy Credit, Job Loss and mismanagement.
Many health insurance experts point out that the Harvard study did not investigate properly the role of disability income protection plans and play personal savings can help people with medical problems to avoid bankruptcy.
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About the Author:
Pat Carpenter writes for Precedent Insurance Company. Precedent puts a new spin on health insurance. Learn more at Precedent.com
Article Source: ArticlesBase.com – Medical Bankruptcies The Growing Reality
Lefkovitz Steven L Atty
