Perhaps you are unaware or maybe you have indeed heard the statistic that 50% of all personal bankruptcies are caused due to medical bills. Often, far too often the folks actually had medical insurance, but the co-pays, deductibles or items not covered exceeded the ability of the patient or the patient?s family ability to pay. Most of these medical debtors were not lower class, rather middle class. The upper middle and upper class was able to weather the storm and onslaught of medical bills much easier. This tells us one thing, it tells us that the healthcare system is out of control and completely broken.
Source: blogspot.com
Video: Al Franken on medical bankruptcy
Health Law?s Flaws Will Spur Drive for Single
The health reform will leave 26 million uninsured even when it?s fully implemented, and force tens of millions to buy lousy coverage from private insurers. Instead of cutting out the insurance middlemen who caused the health care crisis, Obamacare hands them a trillion-dollar windfall from federal subsidies, mandated premiums and Medicaid managed-care contracts.
Source: pnhpcalifornia.org
The Affordable Care Act and Medical Bankruptcy
In the short-term, the ball is in Minnesota?s court. According to rules issued by HHS, states will be responsible for determining whether or not the ACA-mandated exchanges will be ?active purchasers? or an ?open marketplace.? Exchanges that are active purchasers will be able to extract concessions from insurers while an open marketplace allows all insurance plans that meet the ACA?s requirements to be sold on the exchange. By being aggressive and establishing an active purchasing exchange that can negotiate for low deductibles and larger benefits, Minnesota can control costs and prevent some medical bankruptcies.
Source: mn2020hindsight.org
Will Health Care Reform Mean Fewer Bankruptcy Filings?
As you probably heard, last Thursday the Supreme Court ruled on the Patient Protection and Affordable Care Act, otherwise known as ?Obamacare?.? The court found the Act to be constitutional.? This decision means that should the Act stay in place, over the next few years many new changes will be enacted in an attempt to provide affordable healthcare to every American and to reform the healthcare insurance industry.? Politics aside, many questions remain about exactly how this Act will affect the country.? Specifically, we at Lakelaw are wondering what the effect of PPACA will be on bankruptcy.
Source: lakelaw.com
When You Should File Medical Bankruptcy
But given the nature of medical conditions that often require ongoing treatment and costs, it is important you file for bankruptcy at the correct time. This is because bankruptcy can only discharge debts that have already been incurred, not those that are yet to be incurred. The last thing you would want is to incur hefty medical bills after you exit bankruptcy. You will not be allowed to file for bankruptcy protection until several years have passed. Thus all debts incurred after your bankruptcy is over are yours to bear.
Source: jdsupra.com
Health Insurance May not Prevent Medical Related Bankruptcies
?Medical expenses have made up a significant number of bankruptcies for almost twenty-five years,? said Tampa bankruptcy attorney, Reginald Osenton of the Osenton Law Offices. ?With more high-? deductibles or employers shifting to higher deductible group health plans to save money, a lot of people with health insurance are still at risk of hitting financial hardship.?
Source: brandonlawoffice.com
What Fraction of Bankruptcies Is Caused By Medical Debt?
We don?t have to look very far for an answer. It seems that the authors are reluctant to take their respondents seriously when it comes to an understanding of their indebtedness. The survey clearly states that only 29 percent of the respondents believed that their bankruptcy was actually caused by medical bills. This number sounds like a reasonable approximation of the actual impact of medical debt on bankruptcies. In fact, it accords well with other findings in the literature, including my own. In an AEI working paper, I showed that when medical debts (as a fraction of income) rise by 10 percent, we are likely to observe an increase in bankruptcy filings induced by those debts by approximately 27 percent. In other words, if between 2001 and 2007, medical debts increased by about 10 percent (as a fraction of income), the study suggests that about 27 percent of the total filings during this period can be attributed to medical debts. The SCF shows that for all families, total debts as a fraction of income actually have increased by roughly that 10 percent figure over this period. Therefore, even if all of this increase was due to medical debts (which is unlikely since mortgage debts are ten times higher), the additional bankruptcy filings due to medical debts should be 27 percent of the total. Another paper by Domowitz and Sartain estimates the fraction of medical bankruptcies at about 30 percent, half of what the Warren study finds.
Source: aei-ideas.org
Tips to Avoid a Medical Bankruptcy
Do you know that more than half of the bankruptcies all around the world are happening due to the medical expenses? Do you know that the rising costs of the medicines and medical procedures have affected the common man and broken his back bone and forced him for bankruptcy medical? Nowadays having a family and affording the expenses of the family is a very difficult task. In older times, people had a lot of kids and they used to manage their expenses very beautifully. But nowadays the expenses are of different types and the life necessities are also different. People have big dreams of big homes, big cars and luxury things. They don?t realize that they are over spending and spending for the things that are not even necessary. However it is the dilemma of whole world nowadays and it cannot be solved without bringing a revolution.
Source: xyzfinancialadvisor.com
America?s Right to National Bankruptcy and Healthcare :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
As figure 3 demonstrates, Medicare is the most profligate entitlement program in the world. In a review of the literature, Levy and Meltzer identified three high-quality studies examining the Medicare population and the effect Medicare had on health outcomes. They found that ?Medicare increases consumption of medical care and may modestly improve self-reported health but has no effect on mortality.?[7] Finkelstein and McKnight used data from the 1960s to see whether geographic areas with lower insurance coverage rates prior to the enactment of Medicare experienced improvements in mortality following the enactment of Medicare relative to areas with higher pre-1965 coverage rates. They found that while hospital utilization and spending increased significantly, ?In its first 10 years, the establishment of universal health insurance for the elderly had no discernible impact on their mortality.?[8] These findings are consistent with those of the RAND health-insurance experiment and reinforce the notion that medical care plays a relatively limited role in one?s overall health.
Source: co.uk
Medical debt bankruptcies may be avoided with these tactics
If you were covered by health insurance during your care and are unable to afford the associated copays, you may be able to eliminate the need to pay these if you can show that you are doing your best to repay them. Try writing a letter directly to your service provider and explain your situation. After making a case for yourself, request that your copays be waived and your bill be considered paid in full so that your financial situation does not become worse. Remind the provider that you were covered by health insurance and that most of the costs have already been paid by your coverage.
Source: bankruptcyattorneyspa.com
Related posts:
- Personal finance articles: Explain Medical Bankruptcies Up
- Avoiding Bankruptcy Due to Medical Injury or Illness at Save Money with Credit Sesame
- Medical bills cause 62 percent of bankruptcies
- Daily Kos: Medical bills cause 62 percent of?bankruptcies
- Your Money: Navigating the Labyrinth of Medical Costs
Source: http://medicalbankruptcyco.com/finance-money-monitor-explain-medical-bankruptcies-up/
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