The rising costs of medical bills and health expenses are causing 1.7 million Americans to be forced into bankruptcy. Medical issues are outnumbering credit-card bills and unpaid mortgages. Even having medical insurance isn’t guarding consumers against financial hardships.
NerdWallet Health, a division of the price comparison website analyzed data from the U.S. Census, Center for Disease Control, and the federal court system to determine this fact.
“Medical bills can completely overwhelm a family when illness strikes” Christina LaMontagne said in a statement for NerdWallet Health. Individuals hesitate to take medicine that could curb their medical costs in the future. Delaying needed medication due to costs isn’t the answer. This short term fix could trigger expensive visits to the emergency room and ambulance visits.
Those that can dodge bankruptcy still struggle with making their health care work for them; 20 percent of Americans between the ages of 19-64 will grapple with their payments. Not all health insurance plans ease the pain. 10 million Americans with year round health care will not be able to cover medical expenses that have accumulated over the year.
Many Americans feel that credit card debt is the reason many households are forced to file bankruptcy but the root cause seems to be medical bills. People often take on additional credit card debt to cover the mounting medical bills.