Health Affairs Journal Bankruptcy
Over half of U.S bankruptcies result from out-of-pocket medical expenses, according to a study published on June 24, 2005 in the journal Health Affairs. The study, conducted by researchers at Harvard’s medical and law schools, is based on interviews with 1,771 individuals who filed for bankruptcy in 2001. Of these filers, 931 cited medical causes for their financial woes.
The results of the study indicate that an estimated 1.9-2.2 million Americans (the filers and their families) are affected annually by medical bankruptcy. In other words, every 30 seconds someone new is forced to contend with the double whammy of medical and financial catastrophe.
Middle-Class Medical Costs
On July 17, 2007, Professor Elizabeth Warren from the Harvard Law School testified before the House Committee on the Judiciary that rising health care costs are linked to increased bankruptcy rates among the middle-class. She states that since 2000, “an estimated five million families have filed for bankruptcy in the aftermath of serious medical problems. The current health care finance system is bankrupting hard-working, play-by-the-rules American families.”
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