60% of bankruptcies caused by medical bills

Discussion in 'Economics' started by spinn, Feb 25, 2010.

  1. spinn


  2. Overall, three-quarters of the people with a medically-related bankruptcy had health insurance, they say.

    Hmnnn. health insurance is the leading cause of medically-related bankruptcy. :cool:
  3. spinn


    most with health insurance pay $20 once or twice a month deducted from their paychecks, or nothing, for insurance

    so how does free health insurance bankrupt someone?
  4. I think alot of people have that health insurance where the insurance pays 80% and you pay 20%. I know I once had an insurance like that.
  5. I had to get private insurance, unfortunately my wife lost her job over a year ago. Some of the policies they sell, they shouldn't be able to sell. A max payout of 100k lifetime, that will be eaten in less than 2 months with cancer or any major illness. I told the agent not to offer anything less than 1 mil max per person lifetime, and we are healthy.

    Sad to say, but most in this country aren't smart enough or responsible enough to handle these "micro" insurance policies. We pay $400 a month for PPO for both of us, with a 1500 deductible per person, some co pay, and 2 mil max coverage per person. After the 1500 deductible we are 80/20 as mentioned.

    If nothing else comes out of the health insurance reform it should allow one to buy policies for any provider anywhere in the country as long as it meets the requirements of the state. Competition is good for consumers.
  6. God damn, this is the cheapest health insurance I have ever heard of. What is the name of the insurance? Did you get a special discount or something?
  7. That is a GREAT rate for PPO coverage!

    I have similar PPO coverage now thru my wifes employer and Blue Cross - and she works for a large health care firm! Our coverage is actually a little better and deductible slightly lower, but what you quote sounds like a solid find for private insurance.

    By way of comparison, the last time I paid for private insurance (about 4 years ago), I was paying out around $1500 a month in premiums with $5k deductible and 80/20 coverage. And we were low risk and under 40. When I was browsing private plans online just out of curiosity 6 or 8 months ago the 100% coverage PPO plans from one site with minimal/negligable deductibles were literally THOUSANDS of dollars a month for a family (if I recall right I gave up estimating when my online builder quote engine hit about $3k/mo). Seriously.

    Obtaining private insurance is BRUTAL. If you want actual REAL and COMPLETE comprehensive coverage then you better be ready to pay up. If you settle for an affordable plan like most then u will likely be in for a rude awakening if and when you need benefits.


  8. logikos


    I have mixed emotions of health care reform. It is needed, but government provided health care is not the answer I am looking for. If I was 10-20 years younger I would have cared less about all this goings on, but I'm no spring chicken. Half my relatives of the prior generation are dead, the rest needing frequent care. Uncle just announced he is getting a quadruple bypass at 80 years old. I guarantee under the proposed health care bill, he would be denied and left to die.

    So, are our lives extended so the health-care industry can milk us of our life savings and insurance benefits, ensuring we leave nothing to our descendants?

    I keep hearing that the high costs are due to "research and development" of new cures and new medications, blah blah blah. I think I would be OK where we are at now as far as medical progress goes, and leave it up to private investors to spearhead future R&D efforts instead of passing on R&D costs to everybody.
  9. get HMO
  10. You are always personally on the hook when insurance companies deny paying claims (which is generally their first and second responses).

    Mandated under Erisa laws you must file 2 appeals before filing suit, The suit must be filed in federal court and runs about 2 + years. Erisa laws allow the insurance companies to offer a settlement where they low ball a 20% reimbursement in exchange for a release from all claims.

    Many give up or die during the process... the creditors file claims against the estate of the sick or deceased and bleed them dry.

    Its a very sophisticated and expensive legal game where the deeper pockets almost always prevail.
    #10     Feb 26, 2010