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Medical Bankruptcy Rate Increases – Even For Those With Health Insurance

In November, we are focusing on the common causes of bankruptcy filings. Unlike many may assume, the vast majority of bankruptcies are not due to overspending, but rather due to an unexpected life emergency or life event. While bankruptcy experts knew that medical emergencies were a common reason that families go bankrupt, a new study from Harvard University has revealed that even more people than previously thought file bankruptcy because of medical bills. Even more shockingly, many of these families in medical emergencies have some form of health insurance coverage.

In Kansas City, Missouri, Tonni Brende of Independence and her family looked torward bankruptcy after a string of medical problems. A son with cerebral palsy and a Hepetitis C diagnosis for Brende broke the family’s bank even though they had Medicaid and other health insurance coverage.

Another person, Jim Trinidad of Liberty, Missouri, cares for his 29-year-old son, who has been in a vegetative state since a car accident 12 years ago. While Medicaid covers some costs, Jim has to turn down work and spend much of his day caring for his son’s medical needs – needs he will have for the rest of his life.

Both Missouri families turned to bankruptcy after facing medical bills and other related financial challenges that they were simply not a match for. They are just two examples of MO people who were responsible with their money – but unprepared for the unexpected medical tragedies that affected every aspect of their lives.

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