If you've been following this blog for a while, you're well aware that having good health insurance doesn't necessarily mean that an injury, a chronic health condition or a sudden illness won't cause you financial problems. Overwhelming medical debt has long been a common trigger for bankruptcy, and a recent study using 2013 data predicts that it will soon surpass both mortgage and credit card debt to become the No. 1 cause of bankruptcy in the near future.
Yet according to a Fox Business source, fully 78 percent of those who file bankruptcy due to medical debt have health insurance. "It's not just the medical bills," he explained. "It's really everything around the bills that insurance won't cover."
As we've discussed before, the average cost of spending one day in a U.S. hospital is $4,000 or more, and the limits and exceptions built into many insurance plans can mean that cost will not be fully covered. And, the ever-rising cost of health insurance, in terms of premiums, deductibles and co-pays, can quickly eat away at your emergency fund. Considering that a serious or chronic medical condition can often keep you from working, the out-of-pocket cost of medical care continues to threaten the financial welfare of Texans, even those with high-quality insurance.