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bankruptcy filings

Term Life Insurance Policy By Alan Fein

Life Insurance According to a recently released report from Harvard Medical School, more than half of bankruptcy filings were due to medical bills caused by loss of income due to lengthy illness.

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Health Insurance Policy Feb 2, 2005 (AXcess News) Washington - According to a recently released report from Harvard Medical School, more than half of bankruptcy filings were due to medical bills caused by loss of income due to lengthy illness.Harvard researcher David U. Himmelstein, MD, author of the report said that Illness often leads to financial catastrophe through loss of income, as well as high medical bills. "Disability insurance and paid sick leave are critical to financial survival of a serious illness."Dr. Himmelstein's study provides the first extensive data on medically related bankruptcy. Previous studies only looked at court records, where medical bills may be hidden behind credit card or mortgage debts, Himmelstein writes in the journal, Health Affairs.

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Health Insurance Himmelstein also said that many debtors where too embarrassed to discuss their bankruptcy, which have impeded previous reports.

Insurance Life Premium Return Himmelstein believes the findings of his study were "frightening."

Whole Life Insurance Policy His study is based on a survey of debtors in bankruptcy courts -- a total of 1,771 bankruptcy filers. Of those, 931 bankruptcies were due to medical circumstances. Those citing medical causes were interviewed in depth regarding the medical diagnosis, health insurance, medical care, and expenses.

Auto Cheap Insurance "Most were average Americans who happened to get sick," he says.Advertisement

Insurance Life Premium Whole Dr. Himmelstein, who is a professor of medicine at Harvard Medical School, said that "Health insurance offered little protection. Families with coverage faced unaffordable co-payments, deductibles, and bills for uncovered items like physical therapy, psychiatric care, and prescription drugs. And even the best job-based health insurance often vanished when prolonged illness caused job loss -- precisely when families needed it most. Too often, private health insurance is an umbrella that melts in the rain."

Cheap Home Insurance Policy His report shows that during the two years prior to filing for bankruptcy:

Home Insurance 40% lost telephone service

Care Insurance Long Premium 19% went without food

Home Owner Insurance Policy 54% went without needed doctor or dentist visits because of cost

Auto Insurance Company 43% did not fill prescriptions because of cost 15% had taken out second or third mortgages to pay for medical expenses

Travel Insurance Policy 1/3 continued to have problems paying their bills following bankruptcy, including paying their mortgage/rent and utility payments

Insurance Quote Even after filing for bankruptcy a number (3.1%) were turned down for jobs, 5% were turned away on apartment rentals, and 9% were rejected for car loans The debtors' narratives "painted a picture of families arriving at the bankruptcy courthouse emotionally and financially exhausted, hoping to stop the collection calls, save their homes, and stabilize their economic circumstances," he writes. "Several had used credit cards to charge medical bills they had no hope of paying."

Financing Insurance Life Many debtors blamed high co-payments and deductibles for their financial ruin. One man, working for a large company that provided insurance, suffered a broken leg and torn knee ligaments. He had $13,000 in out-of-pocket expenses for co-payments, deductibles, and uncovered services -- much of it for physical therapy, writes Himmelstein.

Geico Auto Insurance Policy Source: News release, Harvard Medical SchoolAXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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