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Medical Bills are the Top Cause of Bankruptcy in the U.S., Study Says

Posted on in Bankruptcy Attorney

It's no surprise that healthcare expenses and the problems of the medical industry are some of the biggest issues affecting the United States recently. The rising cost of healthcare has been a prominent focus for legislators, the media, and the public for the last several years, leading the major changes for healthcare that are taking place currently and in the coming months.

With skyrocketing costs across the healthcare field, it's also not surprising that a recent study has determined that medical bills are the biggest cause of bankruptcies in the country. Even just a few small medical bills can build up quickly, leaving overwhelmed individuals to contact a bankruptcy attorney when they are unable to afford payments.

The study, from NerdWallet Health, determined that bankruptcies as a result of unpaid medical bills will influence more than 2 million people across the country just this year. Healthcare costs are now a leading cause of bankruptcies, passing by the more previously popular credit card bills or unpaid mortgages. Another interesting facet of the study was that health insurance did not seem to help mitigate the negative aspects of high medical bills. The downside of receiving critical medical care will affect people beyond those who file for bankruptcy, too. More than 20% of the population between the ages of 19 and 64 is expected to struggle with paying their health care bills during the year 2013.

The United States is not the only country affected by the high costs of receiving medical assistance. The study researchers estimate that approximately 10,000,000 adults around the world with constant healthcare coverage will still struggle to meet their medical expenses during this year. Some people choose to simply walk away from their medical bills, feeling overwhelmed and as though it is impossible to ever pay them off.

If you feel like you're drowning in a sea of medical bills, contact an experienced bankruptcy attorney today to discuss your options.

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