health care costs / health care reform / health insurance / medical

Medical Bills Are the Biggest Cause of US Bankruptcies

With Republicans vowing to repeal (and replace?) the Affordable Care Act, the headline that “Medical Bills Are the Biggest Cause of US Bankruptcies” was no surprise to this researcher who devoted many years to the study of consumer bankruptcy.  Dan Mangan wrote in 2013: “Bankruptcies resulting from unpaid medical bills will affect nearly 2 million people this year—making health care the No. 1 cause of such filings, and outpacing bankruptcies due to credit-card bills or unpaid mortgages, according to new data.” But here is the real kicker: “even having health insurance doesn’t buffer consumers against financial hardship.” http://www.cnbc.com/id/100840148
According to the federal government’s Office of Personnel Management, https://www.opm.gov/healthcare-insurance/healthcare/ federal employees, including members of Congress, “retirees and their survivors enjoy the widest selection of health plans in the country” through The Federal Employees Health Benefits (FEHB) Program. So your Senators and Congress members don’t have to worry about access to health insurance. So repealing the Affordable Care Act is OK with them.
Source: Financial Planning for Women