Medical bills provided a financial burden for more than one out of four American families - 26.8 percent - in 2012, according to new data from the Centers for Disease Control and Prevention.
Nearly 9 percent of families currently cannot make their medical bill payments, with a total of 16.5 percent facing financial issues stemming from medical costs in 2012. More than one-fifth of the 43,345 families surveyed were still paying off a medical bill that had been split into payments over time.
Not having health insurance was a big factor in not being able to pay off bills, but around one-fifth of the adults surveyed who had full insurance coverage still said it was difficult to pay bills.
"Unpaid medical bills is the number one reason why families declare personal bankruptcy," said Karen Pollitz, a fellow at the Kaiser Family Foundation. "It causes people to lose equity in their homes, to endanger their retirement and their kid's college education. It will destroy a family financially." Read the full details here:
More than one-fourth of American families faced financial burden due to medical costs
The costs of healthcare are staggering and often cause financial hardship and even bankruptcy for many US families. If individuals are not properly insured medically, or with disability insurance, a major injury or illness may wipe out whatever savings and ability to pay for daily items very quickly.
If you have been injured due to medical malpractice please call to investigate your matter fully. Crandall & Pera Law is available to help answer your questions and guide you in determining your next steps.