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How Health Care Affects Filing Bankruptcy

Pinned on September 21, 2012 at 10:33 am by Admin

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How Health Care Affects Filing Bankruptcy

Over the last 30 years, medical costs increased significantly faster than other necessities. Thirty years ago, medical costs were on par with housing, food and energy. But while the costs of those basic items grew at about the same rate, the cost of health care quickly outpaced its peers. In some decades, the Consumer Price Index for medical care grew at double the rate of other essential items. Today, the CPI of medical care is 75% higher than the second fastest growing item. As these costs rose, so did the number of Americans filing bankruptcy. Among filers, more than 60 percent cited medical debt as the main cause of their bankruptcy.

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