Study: Hospital Bills Are Leaving Americans Bankrupt

According to a study done by NerdWallet, a personal finance company, hospital bills are the leading cause for personal bankruptcy in the US. Every year, more and more Americans are finding themselves in serious debt due to their medical bills. A staggering 38% of Americans filed for bankruptcy in 2013, followed by student loans at 25%.

2016-02-18 10_09_09-Why Americans Are Drowning in Medical Debt - The Atlantic

Other data collected by NerdWallet included the following:

• 56M Americans under age 65 will have trouble paying medical bills
– Over 35M American adults (ages 19-64) will be contacted by collections agencies for unpaid medical bills
– Nearly 17M American adults (ages 19-64) will receive a lower credit rating on account of their high medical bills
– Over 15M American adults (ages 19-64) will use up all their savings to pay medical bills
– Over 11M American adults (ages 19-64) will take on credit card debt to pay off their hospital bills
– Nearly 10M American adults (ages 19-64) will be unable to pay for basic necessities like rent, food, and heat due to their medical bills
• Over 16M children live in households struggling with medical bills
• Despite having year-round insurance coverage, 10M insured Americans ages 19-64 will face bills they are unable to pay
• 1.7M Americans live in households that will declare bankruptcy due to their inability to pay their medical bills
– Three states will account for over one-quarter of those living in medical-related bankruptcy: California (248,002), Illinois (113,524), and Florida (99,780)
• To save costs, over 25M adults (ages 19-64) will not take their prescription drugs as indicated, including skipping doses, taking less medicine than prescribed or delaying a refill

What should I do if I declared bankruptcy because of my hospital bills?

Hospital billing fraud is a very real threat to the financial security of many Americans who simply cannot afford hospital service prices that are well and above the reasonable and regular rate. There are state laws in place to protect consumers from fraudulent hospital billing practices. Partner with attorneys who will take the fight to your hospital for breaking Texas law. Call the hospital bill lawyers of Moore Law Firm at 956-631-5436 today.

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