"Bankruptcies due to medical bills increased by nearly 50 percent in a six-year period, from 46 percent in 2001 to 62 percent in 2007, and most of those who filed for bankruptcy were middle-class, well-educated homeowners, according to a report that will be published in the August issue of The American Journal of Medicine.

"Unless you're a Warren Buffett or Bill Gates, you're one illness away from financial ruin in this country," says lead author Steffie Woolhandler, M.D., of the Harvard Medical School, in Cambridge, Mass. "If an illness is long enough and expensive enough, private insurance offers very little protection against medical bankruptcy, and that's the major finding in our study."

http://www.cnn.com/2009/HEALTH/06/05/bankruptcy.medical.bills/index.html?eref=rss_mostpopular

Let the price gouging continue! What's more important.... privately owned HMO profits, or human life?


Comments
on Jun 07, 2009

That's incredible, my insurance has a catastrophic cap ($3000.00) and I cannot be dropped as long as I make my premiums. and I definitely fall into the lower end of that pay group. Must be a lot of stupid middle-class out there if this is true. Either they don't look at their policies or fore go insurance altogether to try and cut corners. Either way I don't feel sorry for them. Don't buy a policy with a time limit on it. There might be some cases that bankruptcy might happen. I still will never support national health care. What's the difference if a person goes bankrupt (you can't loose your home this way in the US) or a person has national health? Either way someone else is paying the bill. Keep it in Canada if you love it so much, I guess the Canadians coming to the US for treatment might feel differently.

on Jun 07, 2009

It's all part of the demonization script, Arty.  The dirty little secret is that there's been virtually no 'market-driven' healthcare for 30 years.  Where we are today, we can thank Uncle Sam for subsidizing our way here.  It sucks for those affected when a devastating illness or injury results in a bankruptcy.  It'll suck more for all of us when the country goes bankrupt.

It may also be interesting to see what happens to that percentage when 2008 & 2009 data reflecting the housing bust are included.

on Jun 08, 2009

You might find these stories interesting:

Canadians flocking to India for quick and efficient medical treatment

This one is a bit old, maybe more money has been thrown at it since then.
This is informative

Canada's Supreme Court Chips Away at National Health Care

I have this question. If Canadians that seek treatment in the US can nolonger get (due to nationalization in the US) it, how will the grater strain on health care impact them?

 

on Jun 09, 2009

That's incredible, my insurance has a catastrophic cap ($3000.00) and I cannot be dropped as long as I make my premiums.

That's the beauty of this Nitro- most of the folks surveyed in the article I posted to actually had health insurance. It's no secret, however, that when you file a claim that's going to cost your HMO big bucks they will try to find a way out.

Now, if you've never filed a claim before then you'll probably be okay. But if this is your second or third claim for something that's going to cost your provider a large amount, chances are good they'll find a gotcha like a supposed pre-existing condition.

I have friends in Texas who had to take out a second mortgage on their home just to pay medical bills. I, on the other hand will never have to worry about that.

I have this question. If Canadians that seek treatment in the US can nolonger get

Nitro, the number of Canadians seeking healthcare in the U.S is, overall pretty small and is usually comprised of folks who have a bit of spare change in their pockets (ie; they can afford to pay for a treatment that costs several thousand dollars out of pocket)

Overall, there is no great exodus. I've never had any issues with the healthcare here, although I do admit as with all systems, it does have it's problems. The nice thing about it though, is I don't have to worry about my finances and my health at the same time

And, if you want to get technical Canadians have a longer lifespan and in general are far healthier than Americans statistically speaking.

 

on Jun 09, 2009

The dirty little secret is that there's been virtually no 'market-driven' healthcare for 30 years. Where we are today, we can thank Uncle Sam for subsidizing our way here.

Perhaps you can shed a little light on this for me Daiwa since you are in the healthcare field?(no sarcasm intended, being honest here)

I thought that the U.S medical system used to be far more socialized than it is today, with most of the changes being enacted under Nixon to make the move to for-profit HMO's?

on Jun 09, 2009

I'll try to do that when I have a little time, Arty.

Edit: Make that a lot of time - it's a convoluted story.

Meta
Views
» 727
Comments
» 6
Category
Sponsored Links