Thursday, February 10, 2005

Sick of Bankruptcy? 

Elizabeth Warren, a Harvard law professor writing in WaPo, tears open another package awaiting delivery on Capitol Hill:

Nobody's safe. That's the warning from the first large-scale study of medical bankruptcy.

Health insurance? That didn't protect 1 million Americans who were financially ruined by illness or medical bills last year.

A comfortable middle-class lifestyle? Good education? Decent job? No safeguards there. Most of the medically bankrupt were middle-class homeowners who had been to college and had responsible jobs—until illness struck.

As part of a research study at Harvard University, our researchers interviewed 1,771 Americans in bankruptcy courts across the country. To our surprise, half said that illness or medical bills drove them to bankruptcy. So each year, 2 million Americans -- those who file and their dependents -- face the double disaster of illness and bankruptcy.
But the bigger surprise was that three-quarters of the medically bankrupt had health insurance.

Of course, faced with this shocking news, congress is off to make sure that something is done right away!

Many in Congress have a response to the problem of the growing number of medical bankruptcies: make it harder for families to file bankruptcy regardless of the reason for their financial troubles. Bankruptcy legislation—widely known as the credit industry wish list—has been introduced yet again to increase costs and decrease protection for every family that turns to the bankruptcy system for help. With the dramatic rise in medical bankruptcies now documented, this tired approach would be no different than a congressional demand to close hospitals in response to a flu epidemic. Making bankruptcy harder puts the fallout from a broken health care system back on families, leaving them with no escape.

There is no escape. Indeed. This hits close to home, because I went bankrupt some years ago behind medical bills. And I ain’t getting any younger. And if it’s this bad for folks with insurance, imagine…

If ya want the whole read, it’s at Sick and Broke with no registration required.

corrente SBL - New Location
~ Since April 2010 ~

~ Since 2003 ~

The Washington Chestnut
~ current ~

Subscribe to
Posts [Atom]


copyright 2003-2010

    This page is powered by Blogger. Isn't yours?