Medical debt is one of the leading causes of bankruptcy in the United States. (Its also one of the leading causes of anxiety, headaches, and sudden-onset fervent belief in a single-payer health care system.) Butpersonal bankruptcies have dropped by a stunning 50% since 2010,which Consumer Reports says is due in part to the Affordable Care Act. (Thanks, Obama.)
AsConsumer Reports notes, trips to the emergency room and cancer diagnoses are not something most of us include in our financial planning, so when were hit with those unexpected, involuntary, and large bills, many people are woefully financially unprepared. Personal bankruptcy becomes the only option. The Affordable Care Act (aka Obamacare) meant millions more people had access to (or were required to carry) health insurance, meaning that when tragedy struck, they were prepared. They were able to seek treatment without having to sell their homes or declare bankruptcy. Take a look at theConsumer Reportsarticle, because its an important read, particularly as Congress is once again looking to repeal the law that helped provide health insurance to some20 millionAmericans who may not have otherwise been able to afford it.
[Photo: via Pixabay] ML