New Study Finds Medical Bills Play a Role in 62% of Bankruptcies

A new study released by Harvard researchers found that medical bills, plus related problems like lost wages for the ill and caregivers contributed to 62% of all bankruptcies filed in 2007.  This is an increase over findings from 2001 that identified medical bills as contributing to 55% of bankruptcy filings.  Even those with insurance, the study concluded, are not immune from the problem.  The study found that about 78% of bankruptcy filers burdened by healthcare expenses were insured!  Health insurance plans often come with big co-payments, deductibles and uncovered services.  In addition, health insurance typically does not provide reimbursement for loss of wages because of an inability to work.  The study is scheduled to be published in the August issue of the American Journal of Medicine.  The study is said to boost President Obama's push for healthcare reform. A new study released by Harvard researchers found that medical bills, plus related problems like lost wages for the ill and caregivers contributed to 62% of all bankruptcies filed in 2007.  This is an increase over findings from 2001 that identified medical bills as contributing to 55% of bankruptcy filings.  Even those with insurance, the study concluded, are not immune from the problem.  The study found that about 78% of bankruptcy filers burdened by healthcare expenses were insured!  Health insurance plans often come with big co-payments, deductibles and uncovered services.  In addition, health insurance typically does not provide reimbursement for loss of wages because of an inability to work.  The study is scheduled to be published in the August issue of the American Journal of Medicine.  The study is said to boost President Obama's push for healthcare reform.