Two-Thirds of U.S. Bankruptcies Related to Medical Expenses

The dysfunctional U.S. healthcare system continues to impose serious costs on American families. One poll states that about half of U.S. doctors have considered quitting due to the ridiculous amount of paperwork that the profit-driven American healthcare system requires — they want to practice medicine, not paperwork. In the background, a strong majority of the U.S. public now supports Medicare for All.

For many Americans, putting one’s health first can mean putting one’s financial status at risk. A study of bankruptcy filings in the United States showed that 66.5% were due, at least in part, to medical expenses.

The study, led by Dr. David Himmelstein, Distinguished Professor at the City University of New York’s (CUNY) Hunter College and Lecturer at Harvard Medical School, indicates that about 530,000 families each year are financially ruined by medical bills and sicknesses. It’s the first research of its kind to link medical expenses and bankruptcy since the passage of the Affordable Care Act (ACA) in 2010.

“Unless you’re Bill Gates, you’re just one serious illness away from bankruptcy,” Himmelstein says in a release by the Physicians for a National Health Program. “For middle-class Americans, health insurance offers little protection. Most of us have policies with so many loopholes, copayments and deductibles that illness can put you in the poorhouse.”

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