“Debt can feel like life’s heaviest burden.” ~Suze Orman
Filing bankruptcy is a very serious action with stressful consequences even beyond the challenges of life before filing bankruptcy and credit repair after bankruptcy. Unfortunately, this still seems to be the only way out of debt for millions of American families each year.
It is especially shocking that the number one cause of bankruptcy in the US is medical bills. And even more shocking is the fact that most of those who were forced to declare bankruptcy for medical expenses actually had health insurance!
Modern medicine is becoming increasingly expensive for patients due to high-tech procedures and methods of medication, vaccination, surgery, and diagnostics. In fact, financially it is increasingly difficult to afford advanced treatments for the majority of the population. In addition, unexpected or unpredictable side effects are often increased, which simply means extended care and more expense.
Health Insurance Pitfalls
And if it’s not enough to get seriously ill or injured, unable to work, with work and income in jeopardy, it also seems that health insurance companies really aren’t there for their customers when they need it most. Many times, an insured person doesn’t even realize the extent of non-covered medical conditions until the doctor’s office/hospital verifies the insurance policy and begins sending out bills. And it really doesn’t make a difference if you’ve been paying his premiums for decades and never used his insurance to cover a medical bill before.
The smart rules (hidden in the fine print), including the high co-pays and deductibles that health insurance companies use, are written not only to make a decent return, but also to make big profits for the health insurance providers, not for you. support policyholders and their families. in times of need.
At the same time, approximately 9 million children in the United States are uninsured. Parents don’t take them to the doctor at the first signs of illness because they fear the cost. In some cases, the child’s illness worsens to the point where the father is forced to miss work or even leave a job to care for the child until she recovers. Unfortunately, nursing a family member back to health (by a family member) does not in any way help the financial health of this family.
In short, one can lose everything to illness in the richest country in the world, and the only advanced country without universal health insurance. That’s not likely to happen in Canada or Europe, where health insurance is separate from employment.
Main cause of bankruptcy
Several studies show that medical expenses are one of the leading causes of bankruptcy in the US, not only among the poor, but also among working and middle class families who often have health insurance. For the majority of the uninsured, insurance premiums are simply unaffordable.
Since a bankruptcy stays on a person’s credit report for a decade, it makes other payments, like mortgage and car insurance, more expensive or even out of reach, and makes applying for another (much-needed) job more difficult. much more difficult. Many debtors continue to have trouble paying their mortgage or rent and utility bills, all of which is reflected in emotional and financial exhaustion.
“During the two years prior to the submission of the application, 40.3 percent had lost telephone service; 19.4 percent had run out of food; 53.0 percent had not had the necessary visits to the doctor or dentist due to cost, and 43.0 percent had not filled a prescription, also due to cost Medical debtors experienced more problems accessing care than other debtors, three-fifths did not have the necessary visit to the doctor or dentist, and nearly half were unable to fill a prescription. (David Himmelstein, Health Tracking Market Surveillance)
The Abuse Prevention and Consumer Protection Act of 2005 was supposed to prevent abusive bankruptcies. What it really did was make the filing process more difficult. “Harder not only in terms of requirements, but also because filing became harder to pay for.” (Gayle Ronan, MSNBC.com)
According to Boohaker (bankruptcy attorney and certified financial planner), “The biggest misperception surrounding bankruptcy remains that bankruptcy is a lifestyle choice that consumers overspend and use to absolve themselves of the obligations of debt and be able to spend again. Typically, she says, “any overuse of credit happens after a catastrophic event like a divorce, job loss, or medical issue that makes you struggle to pay the bills.”
These unhappy events are not something anyone wants in their life, but they happen to most people at least once in their life. Therefore, an act, even if it provides protection in its title, is not really protecting or helping those who are unfortunate enough to need the help.
Alternatives
In Western societies, most people believe that the health system is responsible for responding and caring in times of concern or disorder. These so-called modern civilizations have been training their citizens for centuries to become more and more dependent on different institutions and healthcare is no exception. Fortunately, there are still different options available to anyone who is open to the possibilities and willing to take charge and take responsibility.
Naturopathic and holistic health procedures are much easier to use and much cheaper than traditional biomedicine. They take into account the integral lifestyle (body-mind approach) which means improving our eating and exercise habits, eliminating addictions and adopting a healthier attitude towards life. This alternative approach to wellness can greatly reduce, if not completely eliminate, most disorders. It’s easy to find the best providers—just ask at your local health food store.
For those who are ready to take full charge of their lives, a little more research in the area of ’working with the Secret’ or the ‘Healing Codes’ would be something to consider. Choose to live your life the way you want and at the same time be happy and healthy, without depending on anyone or anything, whenever possible.