Bankruptcy and medical debt

With the passing of the Affordable Care Act, many people who had previously been unable to obtain insurance now enjoy the benefits of medical coverage. Unfortunately, the new act did little to eliminate a growing problem in the country which is declaring bankruptcy for medical debt. In a 2013 study performed by NerWallet Health, the soon to be number one cause related to bankruptcy filings is going to be related to unpaid medical bills surpassing previous primary causes of credit card and mortgage debt.    Why are people having problems paying their medical bills even if they have insurance? With skyrocketing medical costs for even minor procedures, it is easy to amass a large amount of debt related to medical conditions and events. Ethan Austin co-founder of GiveForward was echoed this sentiment by stating “It’s not just the medical bills it’s really everything around the bills that insurance won’t cover." The…

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