Please don’t tell me the fake Indian knowingly published a lie.
When I was doing consumer bankruptcy in the last couple of decades before the bankruptcy law changed I estimated that medical bills were number 3 on the list of why people filed bankruptcy.
The more bold the lie, the more believable the lie is...................
Looks like bankruptcies really just follow the business cycle - surprise surprise
My little bear had a very difficult pregnancy and birth.
Wife was on bed rest for four month, little bear was in the NICU for 71 days.
I won’t post what it cost out of pocket for me, but I took a loan from my 401K to cover it. Most of the cost was from bills not directly related to the medical bills.
I didn’t go bankrupt, but it destroyed a lot of my savings. Had little choice, as the interest would have led to bankruptcy and loss of that anyway.
In short, I agree with the article to a point. It isn’t the hospital bills, but the other stuff that gets you.
WaPo no less.
To quote myself:
“The percent of households without health insurance does not appear to have much of an effect on total personal bankruptcy filings. A 1 percentage point higher rate of uninsured may increase personal bankruptcy filings by 0.02 percentage points, but the effect is only significant in one of the two specifications. This finding is consistent with other regression-based
studies of bankruptcy, which obtain small and marginally-significant impacts. This finding seems to be contradicted by surveys of bankruptcy filers indicating that as many as half of bankruptcies are medical bankruptcies’ (e.g., Himmelstein et al. 2005, 2009; Warren et al. 2000).”
Journal of Gambling Studies (2011) 27:145154 (the focus of the study was the impact of legal gambling on bankruptcy, but the model included other possible factors such as lack of health insurance)
PS The Warren referred to in the quotation is sometimes referred to as Pocahontas.
Before Obamacare got shoved down everyone's throats, I was doing fine finacially, even with two pre-existing conditions.
Since Obamacare, my premiums have tripled and my deductible has quadrupled. The extra amount alone could have financed a second house.
Dan Rather said “ Fake but ...
Elizabeth Warren was a bankruptcy professor so she obviously knew better. By the way, I am a bankruptcy lawyer and I can tell you its no where near 50%.