What should be a mean of preventing bankruptcies – the health insurance system, is actually the one causing them most often.
You’ve read that right. A recent study has unveiled that “about 530,000 [American] families each year are financially ruined by medical bills and sicknesses.”
Oddly enough, most of the families subjected to this research actually had health insurance.
Why is this happening? Mainly because health insurance companies have unleashed their greed and lack of morality by organizing health insurance policies in their favour.
Often full of loopholes, these policies that every American trusts to cover sudden medical mishaps, are actually working in the interest of the insurance companies, often leaving the insured with pockets empty and extra costs that more than half the time leads to bankruptcy or heavy financial issues.
In turn, this leaves hundreds of thousands of Americans knees deep in debt which they did not expect.
The huge costs generated by medical bills, and not covered properly by medical insurances, result in a staggering 66.5 annual percentage of bankruptcy filings in the United States.
Lead study researcher, Dr. David Himmelstein, Professor at the City University of New York’s Hunter College and Lecturer at Harvard Medical School, bitterly concluded that roughly 530,000 American families end up financially broken because of unpredicted medical bills and due to illnesses.
Unless you’re Bill Gates, you’re just one serious illness away from bankruptcy,” Dr. Himmelstein told the Physicians for a National Health Program.
For middle-class Americans, health insurance offers little protection. Most of us have policies with so many loopholes, co-payments and deductibles that illness can put you in the poorhouse.”
The team of researchers, consisting of Dr. Himmelstein, two other doctors, two lawyers, and one sociologist, surveyed 910 random citizens between 2013 and 2016.
They concluded that medical bills were responsible for bankruptcies in 58.5% of the cases, while losing jobs and income due to prolonged hospital time or recovery accounted for 44.3% of the cases.
Oftentimes, both of these causes combined were found at the root of bankruptcy.
Even the best job-based health insurance often vanishes when prolonged illness causes job loss – just when families need it most,” added De. Himmelstein. “Private health insurance is a defective product, akin to an umbrella that melts in the rain.”
It’s important to note that this is the first study conducted after the 2010 Affordable Care Act (ACA) or the “Obamacare” that was supposed to tackle these medical hurdles.
Apparently, as observed by the study’s authors, since the ACA came into force, the percentage of bankruptcies from medical bills actually recorded a two percent uptrend after the law was enacted.
The current study found no evidence that the ACA reduced the proportion of bankruptcies driven by medical problems: 65.5% of debtors cited a medical contributor to their bankruptcy in the period to the ACA’s implementation as compared to 67.5% in the three years after the law came into effect.”
On the other hand, ACA aided the low-income class of Americans who lack assets and are not likely to file for bankruptcy, unlike the middle class who are more likely to take it to court to protect their properties and other assets.
But if the government is not protecting this country’s working class, the very pillars of development of our nation, how will the future look like for America?
From where I’m standing, it’s grim, and with plenty of robots to do the bidding of their unscrupulous overseers.
Is there any solution on the horizon? Unfortunately, no. With more and more people drawn each year into the system, and with the ever-growing greed of our politicians, it’s close to impossible to change the current health care industry that has utterly transformed into a selfish money grabbing scheme.
Although you might be thinking your health insurance company delivers on its promises, and that just might be the case, remember that there are hundreds of thousands of families who didn’t receive the expected health support when the sky came crushing down on them.
Even more, numerous medical professionals despise health insurance companies are vocally speaking to their patients against it.
More precisely, about nine in ten doctors think that insurance plans are just twisting the knife in the wounds of those in need.
Health insurance companies have refrained their compassion to gain more wealth on the back of hard-working Americans in need of medical support.
These companies may not be as bad as the big pharma corporations, but they are clearly showing us where they stand when it comes to other human beings.
For now, there’s not much we can do other than hope for the needed change to come.
As conscious preppers, it is your duty to embrace a healthy lifestyle each and every day.
This way you will mitigate the risk of falling victim to a serious illness, and therefore cut the risk of bankruptcy from an unexpected medical bill.
It’s also wise to create at least a source of passive income that can cover your expenses in case you fall ill for a longer period of time.