Everyone gets sick or injured, but not everyone has the insurance or the cash to pay for the healthcare that they are receiving. This is why so many bankruptcy cases each year stems from an inability to pay medical bills. Out of the 1.7 million people that will file for bankruptcy protection this year, the majority of people will claim medical bills as the reason they are filing. In fact, it is cited as the number one reason for filing for bankruptcy when asked.
How Obamacare Helps
The question has been asked if the recent changes with the Affordable Care Act will help individuals to afford their medical bills easier. While this will generally ease some of the burden for those who are currently uninsured, it is important to note that many who are struggling are already insured. The act does not make any concessions to assist those who may be under-insured.
The three out of five people who are anticipated to file for bankruptcy due to medical bills this year is after the new act goes into effect. Unless there are further provisions to the law in which insurance companies will absorb all of the medical bills for the patient, it is not expected to make a huge dent in the impact that medical bills have on the population. However, the new act has created a slight decline in the number of people filing for bankruptcy due to medical bills.
Not Taking Medication
In an effort to avoid filing for bankruptcy, some Americans have taken to skipping taking their prescribed medications. This is not only because of the staggering cost of prescription medications, but also because of the rising costs of them. More than 25 million people are not taking medication as prescribed in order to save money.