Medical Bankruptcy on the Rise

Posted June, 4 2009 by arianne

A new study released by Harvard researchers yesterday in the American Journal of Medicine finds that medical debt accounted for 62% of all bankruptcies filed nationwide in 2007, nearly a 50% rise from 2001. Of those that stated that an illness had contributed to their bankruptcy, the majority (78%) were insured at the onset, including 60% with private insurance. This data was collected prior to the economic downturn and so is likely to understate the current level of financial hardships.

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