Medical Debt #1 Cause of Bankruptcy In the U.S.

Are you concerned about the state of the U.S. economy? If you are, then consider the findings of a recent article in the American Journal of Medicine (among multiple other sources), which reports that medical debt is the #1 cause of bankruptcy in the U.S.

If you are like most Americans, you live one medical disaster away from poverty. What's worse, many of those who have unwillingly found themselves sunk in such debt had health insurance. The Washington Post points out that of those who were forced into bankruptcy by medical debt, nearly 80% had some health insurance coverage at the time of their illness, yet still reported an average medical debt of nearly $18,000. Meanwhile, Americans who did not have health insurance carried an average medical debt of over $26,000. What does all of this mean? As the health insurance system in the U.S. currently stands, you are more likely to fall to bankruptcy for medical debt than for any other reason - even IF you have health insurance!

Isn't it time we demanded more for our money?

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According to CBS News:

Health and Human Services Secretary Kathleen Sebelius pointed out on The Early Show Friday that many Americans who have health insurance have inadequate protection, and increasing out-of-pocket expenses are "crushing families and businesses."

"That’s why President Obama is so focused on health reform this year," she said, "lowering costs for those who have coverage already so that we can keep the coverage we have, keep the doctors we have, but also to provide some coverage and some payment for the millions of Americans -- close to 50 million -- who have no insurance coverage at all."