David U. Himmelstein, MD, professor of medicine at Harvard medical School, reporting on the results of his recent research, informs us that Medical Bills Can Lead to Bankruptcy.
“Disability insurance and paid sick leave are critical to financial survival of a serious illness.”
Yes, and not only is it critical to have disability insurance, but it also is critical that the insurance company pays the claim, which I can attest from bitter experience with my last previous employer’s long term disability insurance can fail to happen.
Professor Himmelstein’s report shows that during the two years prior to filing for bankruptcy:
- 40% lost telephone service
- 19% went without food
- 54% went without needed doctor or dentist visits because of cost
- 54% went without needed doctor or dentist visits because of cost
- 15% had taken out second or third mortgages to pay for medical expenses
- 33% continued to have problems paying their bills following bankruptcy, including paying their mortgage/rent and utility payments
