Many insurance buys are considered to be grudge purchases, however you may look at it health coverage plans are an absolute essential. The recession has hit the United States very hard and unemployment is not getting better. Retirement accounts are hardly worth the paper they are published on and homes are being foreclosed upon.
Unemployment is elevated, bankruptcies are at and all time high, as are foreclosures. Home owners have no equity in their house to fall back on because property values are at and all time low, and if you look at last years bankruptcy figures, these have elevated by 34. 5% for the same period.
What is even more surprising is the fact that the American Journal of Medicine has released outcomes from a study by Harvard Medical School and the Cambridge Hospital, which states almost flatly that high medical costs have been the reason why numerous individuals have had to file for bankruptcy. We have also saw it cited that lots of individuals losing their homes to foreclosure have been laid low by unwellness and tremendous medical bills.
Harvard Law School and Ohio University have also introduced the fray and numbers show that as many as 60% of bankruptcies in 2007 were filed because of sickness and medical related charges which had to be payed back. That the high cost of medical treatment could bring about such a economic disaster is excessive.
The scenario is causing a social-economic problem that has stepped up out of all proportion. Matters are out of hand and the powers that be don’t seem to be either willing or able to help. The results of the above-mentioned survey came from a test group of 2,316 bankruptcies. The cause for bankruptcy was determined by studying court dockets and interviewing the people concerned, and this is what resulted in the researchers findings: More than half the bankruptcy filings were due to medical reasons.
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These medical conditions have even pushed middle class Americans into bankruptcy even when they have had medical insurance. This means that several households have been under insured and this trend is on the increase. The aftermath of a difficult sickness means they are left with medical charges in the thousands of dollars which is not handled by their medical coverage.
When the survey looked at medically bankrupt cases, most regular insured individuals still owed as much as 17,000 for medical treatment. Of the uninsured group the average out-of-pocket expenses was more than $26,000.
Nearly all medical coverage is linked to employment, if an illness can spark both the loss of a job and health insurance coverage, that person is quite evidently in very deep trouble, what on earth have we done to be experiencing a tough time such as this?
These days it is very tough to find the most affordable health coverage, if you would like more help in this affair then you should stop by the authors webpage which explains medical insurance plans information.