4 tips to avoid crippling medical debt:
During Tuesday’s democratic presidential debate, Sen. Bernie Sanders used one of his most-repeated lines to attack former Vice President Joe Biden’s stance on health care.
How many people go bankrupt because of medical debt? As the Washington Post reported, Sanders’ assertion that 500,000 people have gone bankrupt because of medical bills does not fully comport with the research his campaign has cited as the basis for this claim. His claim is based on research from Consumer Bankruptcy Project.
Some researchers say estimates that 500,000 people have gone bankrupt over medical bills is flawed, as it does not reflect what happened to the millions of Americans who incur medical expenses, but don’t go bankrupt. That percentage is roughly the same as before the Affordable Care Act became law, based on previous surveys carried out by the Consumer Bankruptcy Project.
Either way, medical debt remains a problem for millions of Americans. A 2018 study published in Health Affairs found that one in six Americans had one or more past-due medical bills on their credit report, representing a total of $81 billion in health-care-related debt. Insurance is a factor, as well. The 2018 Health Affairs study further found that medical debt was most common among 27-year-olds, the age at which children are no longer eligible for coverage under a parent’s health insurance plan based on the Affordable Care Act. The percentage of people with medical debt decreased as they got older — and as they became more likely to have health insurance.
Either way, the first place to start when working to avoid medical debt and bankruptcy is building up a rainy-day fund. The general rule of thumb is to have savings equivalent to six months’ worth of living expenses. Others say lower-income households should squirrel away approximately $2,400.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
#RefundWarren trends after Elizabeth Warren accuses Bernie Sanders of saying a woman couldn't beat TrumpUsing the hashtag on Twitter, supporters of the Vermont senator encouraged donors to the Massachusetts senator to request refunds via ActBlue over the dispute.
Read more »
Bernie Sanders Encourages Cardi B to Enter Politics, 'It Would Be Great'Cardi B's possible venture into politics already has the backing of a very big name.
Read more »
Elizabeth Warren says Bernie Sanders told her a woman couldn't win the presidencySanders’ campaign was also accused of circulating talking points that said Warren does not bring in new voters because her supporters are affluent and already going to vote for a Democrat.
Read more »
Bernie Sanders doubles his lead over Donald Trump in hypothetical general election pollThe senator from Vermont also maintains the highest favorability among Democratic voters at 76 percent, compared with Joe Biden's 71 percent.
Read more »
Bernie Sanders vs. Elizabeth Warren: Here’s Why The Onetime Allies Are Suddenly FeudingI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
Read more »