Many people that carry health insurance do so to protect themselves from the economic risks of a serious health event; however, a recent study shows that despite having health insurance, incidences of illness or injury can wreak havoc on the finances of Americans leading some to file for bankruptcy protection.
In California for example, people between the ages of 25 and 64 are at an increased risk for bankruptcy following hospitalization. Even though many have health insurance to help cover the hospital stay, once released, the lingering effects of illness or injury leads to a drop in household income that many find impossible to overcome.
Researchers find that health insurance just isn’t enough. Programs to expand wage insurance, sick leave or disability insurance are sorely needed in addition to health insurance to protect families financially.
Medical bankruptcy, long attributed to the cost of health insurance premiums and medical bills, now includes another dimension in that Americans are having trouble bouncing back after an injury or illness. A diminished capacity to work along with the cost of medical bills, health insurance and everyday life expenses often proves too much financially, increasing the number of people seeking bankruptcy protection.
Recovering From an Illness or Injury?
Concerned about paying your bills?
Contact an Illinois Medical Bankruptcy Lawyer for Help
If you have questions regarding what bankruptcy protection can offer you to solve a difficult financial situation caused by an unexpected medical event, contact the Peoria bankruptcy law offices of Charles E. Covey for answers today.