Medical Bills Underlie 60% of US Bankruptcies: Study

4. June 2009 by Dan Walkow, CFA, CMT.

More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine. Read full story.

Two thoughts here. Effective medical coverage is a tricky business. Everyone has a story about how they thought they were covered only to find out that once hit with a medical issue, the news that ” your policy does not cover that…”. Do not take your coverage for granted, if you are not sure have a professional review your policies and make sure you understand exactly what is covered and what is not.

Canada’s health-care system, with all its warts, serves Canadians well and you do not see the bankruptcy issues regarding health-care as an issue as it is in the USA.

Canadians moving or travelling in the USA should make sure that they choose “effective coverage” . Do not take anything for granted.

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