A Harvard Law School, Harvard Medical School and Ohio University study, published in the American Journal of Medicine, has found that medical bills underlie over 62 percent of personal bankruptcies in the United States. More than 75 percent of those bankrupted have health insurance but were still financially overwhelmed by medical bills.
In 2007, patients with multiple sclerosis paid an average of $34,167 out-of-pocket, those with diabetes paid $26,971, and those with injuries paid $25,096.
The study analyzed personal bankruptcy filings between January and April 2007, before the official beginning of the current economic crisis. Since March 2007, over 2 million people have filed for personal bankruptcy in the United States. Millions who have lost their jobs during the crisis have lost their health care as well.
Harvard School of Medicine professor David Himmelstein noted, “Unless you’re Warren Buffett, your family is just one serious illness away from bankruptcy.” Clearly, the capitalist health care system functions only for the rich. They are the ones who not only have access to health care, but also own the pharmaceutical and insurance companies that profit from the system.
