STATISTICS
According to various studies and reports, medical debt plays a significant role in personal bankruptcies in the United States. Here are some key statistics: 1. 66.5% of bankruptcies are tied to medical issues, either due to the cost of medical care or time missed from work due to illness (according to a 2019 study published in the American Journal of Public Health). 2. Over 40% of Americans have some form of medical debt, according to a 2022 report by the Kaiser Family Foundation. This includes unpaid bills, loans, or debt that people took on to cover medical expenses. 3. Even with health insurance, insured individuals account for 60% of those who file for bankruptcy due to medical debt, highlighting the high out-of-pocket costs and gaps in coverage. Medical debt continues to be a leading factor driving Americans into financial instability, often leading to the difficult decision to file for bankruptcy.