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Medicla bankrupticies still soaring





Medical bankruptcies climb 50%

 

Medical problems contributed to nearly two-thirds (62.1 percent) of all bankruptcies in 2007, according to a study in the August issue of the American Journal of Medicine.


The study, released June 3, was carried out by researchers at
HarvardLawSchool, HarvardMedicalSchool and OhioUniversity. It was based on data collected prior to the current economic downturn and hence likely understate the current burden of financial suffering.

 

A previous 2005 analysis by the same group of scholars using 2001 data showed 49.6% of bankruptcies due to high medical debts.

 

An overwhelming majority were supposedly covered by health insurance before the onset of their illness.  "More than three-quarters (77.9 percent) were insured at the start of the bankrupting illness…. Most of the medically bankrupt were solidly middle class before financial disaster hit. Two-thirds were homeowners and three-fifths had gone to college."

 

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