2.02.2005

Why do Bankrupt People Hate America?

Half of bankruptcy due to medical bills-US study
Reuters AlterNet (02.02)
Don't these people know that we can't be distracted from the crisis facing Social Security in 50 years?!? 50 years people!! If we don't act now the terrorists will win!

Half of all U.S. bankruptcies are caused by soaring medical bills and most people sent into debt by illness are middle-class workers with health insurance, researchers said on Wednesday.

The study, published in the journal Health Affairs, estimated that medical bankruptcies affect about 2 million Americans every year, if both debtors and their dependents, including about 700,000 children, are counted.

"Our study is frightening. Unless you're Bill Gates you're just one serious illness away from bankruptcy," said Dr. David Himmelstein, an associate professor of medicine at Harvard Medical School who led the study.
Did you hear that? Harvard Medical School believes that Social Security needs to be privitized...
"Most of the medically bankrupt were average Americans who happened to get sick. Health insurance offered little protection."

The researchers got the permission of bankruptcy judges in California, Illinois, Pennsylvania, Tennessee and Texas to survey 931 people who filed for bankruptcy.

"About half cited medical causes, which indicates that 1.9 to 2.2 million Americans (filers plus dependents) experienced medical bankruptcy," they wrote.

"Among those whose illnesses led to bankruptcy, out–of–pocket costs averaged $11,854 since the start of illness; 75.7 percent had insurance at the onset of illness."

The average bankrupt person surveyed had spent $13,460 on co–payments, deductibles and uncovered services if they had private insurance. People with no insurance spent an average of $10,893 for such out–of–pocket expenses.
Hey, sounds like you should ditch your health "insurance" and save 3,000 bucks!

"Even middle–class insured families often fall prey to financial catastrophe when sick," the researchers wrote.
These "middle–class families" they're talking about sound like goddamn surrender monkeys who are giving aid to terrorists to us...

Bankruptcy specialists said the numbers seemed sound.

"From 1982 to 1989, I reviewed every bankruptcy petition filed in South Carolina, and during that period I came to the conclusion that there were two major causes of bankruptcy: medical bills and divorce," said George Cauthen, a lawyer at Columbia-based law firm Nelson Mullins Riley & Scarborough LLP.
Now we just live in godless California/the People's Republic of Hollywood, but South Carolina doesn't sound like a fun place... do they have an Amoeba Records? We love Amoeba!

"Each accounted, roughly, for about a third of all individual filings in South Carolina."

He said fewer than 1 percent of all bankruptcy filings were due to credit card debt. "That truly is a myth," Cauthen said in a telephone interview.
Hmmm, the credit card myth... Wasn't that Lucas' inspiration for Star Wars?

As always: who is looking out for you folks? (again our hint is that it isn't that Bill O'Reilly jackass)

Don't pay attention to the man behind the curtain folks... don't pay attention to the man behind the curtain...

1 Comments:

At 10:03 AM, Blogger Bill Harrison said...

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