Sunday, November 29, 2009
Medical debt leads to bankruptcy
Posted by Scarlett Lu
Many people do not save enough money for emergencies such as medical debt. When a person they find out they have cancer; they have to undergo many treatments which may cost them alot of money. Some patients may not have enough money for the treatments therefore they will not have efficient treatment for the disease they have.
"59.9% of families bankrupted by medical problems indicated that medical bills contributed to bankruptcy; 47.6% cited drug costs; 35.3% had curtailed employment due to illness - often (52.8%) to care for someone else.
Many families had problems with both medical bills and income loss." Both people who are insured and uninsured are filing for debt due to a hospital stay or after illness. Insurance does not cover that much of the medical bill. Our health care system is not efficient enough to provide us with all the treatments we need. In order to avoid being in a difficult situation where you can't pay your medical bills, people should start saving their money. You should create a personal health savings account and do not touch this money until you get sick, start saving early, join a pharmacy discount program, and exercise daily and eat right to avoid getting sick.