Sunday, June 7, 2009

Health Insurance and Bankruptcy

Health Insurance is a number one issue for the public as well as for the Obama Administration. A new study found that personal bankruptcies have a direct link to medical costs. Having health insurance is by no means an answer.

Costly illnesses trigger about half of all personal bankruptcies, and most of those who go bankrupt because of medical problems have health insurance, according to findings from a Harvard University study to be released Wednesday.
From CNN: Story Highlights
  • Study: More than 60 percent of bankruptcies are linked to medical bills
  • Three-quarters of people with a medically-related bankruptcy had health insurance
  • Researcher: "You're one illness away from financial ruin in this country"
  • Situation likely to worsen: study was done a year before recession
Simply stated, there are three major problems to our current system of for profit medical insurance:
1. Numerous uninsured due to cost, job, etc
2. Insured but medical procedure or Rx not covered
3. Insured but
due to job lose or illness etc become uninsured
Our health care system needs real & thoughtful change. 'For profit' health care has not, is not and will not work for everyone.

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