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February 14, 2024
Medical Bankruptcy: A Crisis That Affects Millions of Americans
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Contributed by: Bill Russell
Summary
US healthcare cost leads to unaffordable medical bills, causing major financial distress and bankruptcy. A 2022 study found 66.5% bankruptcies are tied to medical expenses. Despite health insurance, many face unexpected charges, large copays and inadequate coverage. Medical bankruptcy is a serious problem but can be managed with careful health insurance selection, bill review, negotiation, financial assistance, and professional help. Hospital visits can lead to hefty bills, draining savings and leading retired individuals into bankruptcy.
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