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How many people go bankrupt each year due to medical bills?

How many people go bankrupt each year due to medical bills?

Medical bills were the biggest cause of U.S. bankruptcies, according to a CNBC report . It estimated that 2 million people were adversely affected. A popular Facebook meme said that 643,000 Americans go bankrupt each year due to medical costs. President Obama,…

Why do some people file for medical bankruptcy?

Medical expenses do have an effect on people’s financial situations, causing some financially responsible people to file for bankruptcy. For others, the expenses are the final push over the financial cliff they were walking along.

How many people go to bankruptcy each year?

In 2015, the Kaiser Family Foundation found that medical bills made 1 million adults declare bankruptcy. Its survey found that 26% of Americans age 18 to 64 struggled to pay medical bills. 10  According to the U.S. Census, that’s 52 million adults. The survey found that 2%, or 1 million, said they declared bankruptcy that year. 11 

Is it a problem to be in medical debt?

Medical debt is not a personal failure. Millions of Americans struggle with high medical bills. Medical debt is a growing problem in the United States. Check all medical bills for errors and advocate for yourself if a bill is too high to pay.

How many bankruptcies are caused by medical debt?

Overall, 18% to 25% of personal bankruptcies filed in the U.S. were prompted by medical debt. But even prior to the implementation of the ACA, some sources questioned the true impact of medical debt on bankruptcy rates.

Why are medical bankruptcies such a controversial topic?

Research on medical bankruptcies has been controversial because it can be hard to untangle how medical bills fit into a family’s overall pattern of financial troubles. Twenty-nine percent of the people with medical bill problems said a family member had been forced to stop working or cut back on hours.

How many bankruptcies occur in the US every year?

Do 643,000 Bankruptcies Occur in the U.S. Every Year Due to Medical Bills? A popular meme holds that 643,000 Americans go bankrupt every year over medical bills, but the underlying math is elusive. 643,000 Americans declare bankruptcy over medical bills every year. Do you rely on Snopes reporting? Click here to support it.

How many Americans are struggling to pay their medical bills?

“In 2013 over 20% of American adults are struggling to pay their medical bills, and three in five bankruptcies will be due to medical bills. While we are quick to blame debt on poor savings and bad spending habits, our study emphasizes the burden of health costs causing widespread indebtedness.