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, most people who go bankrupt because of medical problems have health insurance. The researchers found that many private insurance plans have limited catastrophic coverage, which were inadequate and offer little financial security for less severe illnesses.
Questionnaires were distributed to1771 bankruptcy filers in 2001 in California, Illinois, Pennsylvania, Tennessee and Texas. According to the study a total of 1.46 million were Privatkonkurse were filed in the United States in 2001.
Almost 1,000 people surveyed gave detailed interviews about their financial situation and health status. Disease and rising medical bills were cited as the cause, in part, for 46.2 percent of Privatkonkurse. The number rose to 54.5 percent when aFurther, three other factors were involved as triggers for medically-related bankruptcies: births, deaths, and gambling. The study found that medical bankruptcies affect about 2 million Americans currently each year, 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 at the beginning of healthDisaster that triggered the bankruptcy law. The study also found that 38 percent of the participants had temporarily lost coverage had been requested by the time of bankruptcy, often with catastrophic illness or injury to both job and insurance loss.
Unfortunately, it has become clear that for many Americans, 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 useless if the peoplecan not afford to pay for it. Bankruptcy families also lose more than just assets. One out of five families go without food. A third had their utilities turned off, and almost two thirds skipped needed doctor or dentist visits.
The results of the study also noted medical-related bankruptcies often hit middle-class families hard, with 56 percent of the filers as graduates who are in possession of a house. The study did not examine how many bankruptcy filers were fromDual-income families where both partners had health insurance.
The Harvard findings echo earlier studies, which have generally reported that a majority of bankruptcy filers medical problems as a primary cause of bankruptcy mentioned, as well as other factors, including easy credit, job loss and financial mismanagement.
Many health insurance experts point out that the Harvard study did not investigate properly the role of disability income protection plans and personal savingsplay can help people with medical problems to avoid bankruptcy.
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