With the recent global financial crisis spawning unprecedented rates of unemployment, more and more Americans are facing financial catastrophe as the result of inadequate or nonexistent health insurance coverage.
Sadly, this situation is not new, nor is it solely the result of our country’s current economic woes.
Medical Bills Have Long Been the Cause of Most Bankruptcies
A 2005 Harvard study showed that 46.2% of all 2001 bankruptcies resulted from sickness, or injury-related medical bills. When expenses secondary to births, deaths, and gambling addiction were added to the mix, the total rose to nearly 55%.
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