
Filing for bankruptcy can stop the financial bleeding that the health care system imposes, but curing that system’s ills is the only lasting solution.
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A new study shows how the Affordable Care Act (ACA) has failed to solve one of the major crises in the American for-profit health insurance system that it was supposed to help eradicate: bankruptcies related to high medical bills and other healthcare-related costs.
The Consumer Bankruptcy Project (CBP) examined 910 bankruptcies that were filed between 2013 and 2016 and found that, similarly to before the ACA was passed in 2010, 66.5 percent of the bankruptcies were brought about by medical bills families were unable to afford or income loss due to illnesses.
About 530,000 American households continue to see their finances wiped out each year due to medical costs, according to the report, which was published in the American Journal of Public Health.
“Unless you’re Bill Gates, you’re just one serious illness away from bankruptcy,” said Dr. David Himmelstein, the study’s lead author. “For middle-class Americans, health insurance offers little […]
The American way. You are born with nothing and the economic system makes sure you die with nothing. Your years of hard work goes to the 1%, not your family.
When my wife had her last heart attack, her cardiologist told us to just start paying the some small amount and they will not be able to refuse. So, we just started paying them $10/month and have been doing that for the last 10 years yet still owe them another hundred dollars or a little more, then we’re finally done.