Thursday, February 03, 2005

Half of bankruptcy due to medical bills

The new debtors prison, not just for po' folk anymore -
"Among those whose illnesses led to bankruptcy, out-of-pocket costs averaged $11,854 since the start of illness; 75.7 percent had insurance at the onset of illness." The average bankrupt person surveyed had spent $13,460 on co-payments, deductibles and uncovered services if they had private insurance. People with no insurance spent an average of $10,893 for such out-of-pocket expenses. "Even middle-class insured families often fall prey to financial catastrophe when sick," the researchers wrote.
Yeah. Great health care system we've got here. Who's making the money off of this? Not hospitals and physicians: insurance companies and financial services companies. Nice priorities our nation has.

Here's an idea that won't help much but maybe a little; make all health care costs fully tax deductible over a period of, say, five years. It won't save some folks, but it could make the difference for many.


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