Recent study suggested that poor health with medical bill piled up and lost of income may contribute to bankruptcy declaration.
The result of the studies were differentiated by numbers of institutes and published on online financial literature, including Massachusetts Institute of Technology.
According to the study medical expenses account for roughly 4 percent of bankruptcy filings among non elderly adults in the U.S., however, bankruptcy filers for medical reason also accompanied with an estimated loss of over 20% of income or 11 percent drop in employment due to hospitalization, particularly, in adults ages 50 and 59.
* 3 percent had filed for bankruptcy in compared to 4% in common statistics.
Further analysis, also discovered, cancer survivors who were younger, had lower incomes, and had public health insurance were more likely to go into debt or file for bankruptcy in compared to those who were older, had higher incomes, and had private insurance.
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(1) How often do medical problems lead to bankruptcy? by Massachusetts Institute of Technology
(2) For Working-Age Cancer Survivors, Medical Debt And Bankruptcy Create Financial Hardships by Banegas MP1, Guy GP Jr2, de Moor JS3, Ekwueme DU4, Virgo KS5, Kent EE6, Nutt S7, Zheng Z8, Rechis R9, Yabroff KR(PubMed)
(3) Financial Hardship Associated With Cancer in the United States: Findings From a Population-Based Sample of Adult Cancer Survivors by Yabroff KR1, Dowling EC2, Guy GP Jr2, Banegas MP2, Davidoff A2, Han X2, Virgo KS2, McNeel TS2, Chawla N2, Blanch-Hartigan D2, Kent EE2, Li C2, Rodriguez JL2, de Moor JS2, Zheng Z2, Jemal A2, Ekwueme DU2(PubMed)