- May 31, 2013
- Posted by: Richard Feinberg
- Category: Debt
For the average American the costs of medical treatment reach deep into our pockets. Even if you are insured and not suffering from a chronic illness, chances are you either have or will experience a large medical bill. While the occasional unexpected medical expense isn’t likely to send your financial situation into the red, recent studies suggest that medical expenses are becoming a slippery slope in the bankruptcy industry.
Effects Of Illness
A study was released earlier this month that reported cancer patients are three times more likely to end up in bankruptcy protection than patients of other medical conditions. While reasons such as the costs of radiation and chemotherapy, the exclusion of cancer from health insurance, and the prolonged need for treatment contribute to a larger medical debt liability, another study last week reported that the overall costs of nearly all prescription medications has risen in recent years.
Although cancer patients are one demographic likely to be hit hard by the overall increase in prescription prices, they aren’t the only ones that are going to suffer from this expense. Most of the elderly population is already in a tough financial position when it comes to covering the costs of medication and treatment options, the continued increase in prescription prices is likely to make matters worse.
Medical debt is a plaguing financial problem for many in today’s economy. Luckily, bankruptcy is one solution that can offer quick relief from the burden of ill finances. Contact a St. Petersburg bankruptcy attorney about how bankruptcy can be used to free you from the burden of unhealthy medical debts.