Tuesday, February 9, 2010
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Medical bills prompt more than 60 percent of bankruptcies

(Health) UPDATED 2009-06-08
Some U.S. researchers say many Americans are just one illness away from bankruptcy--whether they realize it or not. A pre-recession study of 2,314 bankruptcies in 2007 found that 60 percent of them were medically related, either from loss of a worker's job income, or from the amount of medical debt. And three-quarters of the bankruptcies were incurred by people who had health insurance, researchers noted. On average, medically bankrupt families had $17,943 in out-of-pocket expenses, while the uninsured typically owed $26,971. Some experts say the study may even be underestimating the burden that medical bills put on American families, since many people struggle along without declaring bankruptcy.  Read full story >
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