In a study published by the American Bankruptcy Institute, people are twice as likely to file for bankruptcy if their health insurance has been interrupted. In fact, there’s a significant association between coverage interruption and consumer bankruptcies researchers found upon analyzing Bureau of Labor Statistic data of over 12,500 people. Previous studies estimated that medical issues were a factor in at least two out of three bankruptcies.
The Kaiser Family Foundation estimates that one-third of insured adults feel it’s difficult for them to afford their health insurance deductible. The study also found that half of Americans have put off a doctor or dentist visit because of cost.
Currently, the question of whether the Affordable Care Act is constitutional is being considered by our Federal courts. If found unconstitutional as many as 20 million people could find themselves with no health care coverage. This would likely add to the number of bankruptcy filings.
If you or someone you know is having difficulty paying their bills, call our office at 800-343-8537. We can go over your financial issues and advise you of your options. Jeffrey Freedman Attorneys have helped over 31,000 individuals with their consumer bankruptcies since 1980.