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New Jersey bankruptcy: Many struggle with high medical bills

| Jan 31, 2013 | Personal Bankruptcy |

There are quite a few in New Jersey that are struggling to pay medical bills. People with serious or chronic medical conditions often turn to bankruptcy protection due to the cost of their care. Even people with medical insurance are forced to shuffle their expenses and stretch their budgets in order to afford the care they need.

Many people decide to forgo filling prescriptions for medications because they are cost prohibitive. Even with the help of insurance, some are still unable to afford their portion of prescriptions. According to one study, approximately 85 percent of the study participants made $40,000 or less per year. About one-third of those that make $40,000 or less per year actually live on $20,000 or less.

According to the Henry J. Kaiser Family Foundation, almost half of all Medicare recipients earn no more than $22,000 per year. Further, forty-five percent of Medicare beneficiaries tend to suffer from at least three chronic conditions. AARP’s Public Policy Institute indicates that median out-of-pocket expenses range from $3,100 to over $7,800.

The cost of medical care in the United States continues to rise leaving many people in New Jersey struggling to pay for the medical care and medications they need. For those who have suffered a serious illness and are struggling to pay the resulting medical bills, bankruptcy may be a way to find some much needed time and space in order to deal with their financial situation. Filing for bankruptcy protection could relieve the stress that large amounts of debt can bring and a fresh start.

Source: wowktv.com, “High medical bills driving some Americans to extreme measures,” Jan. 21, 2013

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