Medical treatment is not getting any cheaper, and it is causing the percentage of personal bankruptcies to increase drastically. In a new national study done, 62% of all personal bankruptcies in 2007 was caused by medical debts or serious illnesses.
Most people who are driven into bankruptcies due to medical expenses are college graduates and middle class homeowners. A large percentage of these Americans had insurance, but did not have enough coverage or protection.
This issue has caused much stress among the uninsured, and many people are tempted to blame insurance companies for these high costs. However, they fail to understand that the biggest reason for higher out-of-pocket spending is that the overal health costs are skyrocketting.
Insurance companies are trying to improve their coverage by offering affordable health insurance policies to their users.