Posted on January 08, 2020 in Bankruptcy

Medical debt is a serious problem for many people — even those who have insurance and are relatively stable, financially. A 2016 survey found that more than one-quarter of people in the United States have experienced problems paying a medical bill.

Here are some of the most jaw-dropping statistics about medical debts in the modern era:

• As far back as 2007, medical problems and medical bills were contributing factors to two-thirds of all consumer bankruptcies — a figure that had increased dramatically since just 2001.
• Three-fourths of debtors who filed bankruptcy over medical debt have insurance. However, gaps in coverage, high deductibles, pricey medications, and uncovered procedures and tests leave them exposed to financial liabilities they can't cover.
• Many of the people who file bankruptcy over medical debt are middle-aged or approaching middle-age (with an average age of almost 45). About three-fifths have college degrees.

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