Bankruptcy & Health Statistics
Health and Personal Finances - Revealing Numbers
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Health issues and financial issues are often interrelated, as the statistics below demonstrate. If your financial problems have forced you to dramatically change the way you approach your health, remember that you can reestablish control in your life and do better for your overall wellness.
Learn more about how filing personal bankruptcy may help you. Connect with a local bankruptcy attorney to discuss your financial situation, and how filing Chapter 7 or Chapter 13 bankruptcy may provide you with relief from your debt. Simply fill out the form below or call 877-833-2410 today.
Medical Bankruptcy Statistics
A now-famous study by Harvard Medical School and Harvard Law School found that of the 850,000 Americans who filed bankruptcy in 2007, 62.1% were related to health problems.
The study gives a loose definition of "medical bankruptcy", but one that reflects the reality of American debtors. The survey counted significant medical debts as:
- Those accounting for more than 10% of family income
- Loss of significant income due to injury or illness of a family member
- Those who mortgaged a home to pay for medical bills
Using these categories of debt, the study was able to adequately demonstrate that medical debt can create a harmful financial situation, even when it isn't the direct cause of a bankruptcy filing.
Health Insurance Statistics
- As detailed on the National Coalition on Health Care (NCHC) website, a study by The Henry J. Kaiser Family Foundation indicated that premiums for employer-based health insurance rose by 8.8% in 2006. With that in mind, workers are now paying $1,094 more in premiums annually for family coverage than compared to the start of this decade.
- The NCHC website also revealed an interesting finding by the Economic Research Initiative on the Uninsured (ERIU) when it studied the rise in health care costs with the decline in insurance coverage. According to the ERIU, approximately 23% of the uninsured detailed that they had to significantly change their life in order to pay for medical bills.
- The NCHC website also reported a survey by The Access Project in which 25% of those surveyed indicated that housing problems resulted from trying to pay medical bills. Such housing problems included the inability to pay rent or mortgage payments and the development of poor credit affecting their abilities to purchase a home.
- As listed on the NCHC website, another study by The Kaiser Foundation indicated that nearly 50% of the American public worries about paying more for their health care/insurance, while 42% report that they are fearful of being unable to afford health care services.
- As detailed on the American Heart Association website, it has been estimated that more than 45 million Americans lack health insurance and another 16 million avoid seeking care because of costs.
Discuss Medical Debt with a Local Bankruptcy Lawyer
As these statistics indicate, the relationship between medical expenses and personal debt affects millions of Americans. Whether they are avoiding health care fearing the large bills, or past medical experiences have left them with a lower quality of life, many Americans with medical debt seek bankruptcy as a solution to this problem.
If you find yourself in the endless cycle of medical debt, know that you can put a stop to these problems. A bankruptcy lawyer can advise you on how chapter 7 or chapter 13 bankruptcy may be able to regain your peace of mind.
You can connect with a local bankruptcy lawyer today to learn more about your options. Simply fill out our free bankruptcy evaluation form or call 877-833-2410 to connect with an attorney near you.