What Medical Conditions Leave People Broke?
The cost of medical care is high and getting higher. In the United States, people spend more on healthcare than in any other country in the world. In fact, Americans spend more than 10 times the global average on healthcare. It should be no surprise that many are left struggling with medical bills, with many falling into debt because of a health condition.
But what are the medical conditions that are proving most costly to Americans? That is the question answered by a recent academic study.
The Most Expensive Medical Conditions
The study found that the most expensive medical conditions in the United States are:
- Diabetes: Over $100 billion is spent annually to treat this condition, with most of the money going toward costly prescriptions.
- Heart disease: Over $88 billion is spent annually to treat this condition, with over half of the money going toward inpatient care.
- Neck and lower back pain: Over $87 billion is spent annually to treat this condition, with over half of the money being used on outpatient care.
While these are the health conditions that Americans spent the most on cumulatively, that does not necessarily mean that they are the most expensive treatments on an individual basis. The cost of care for cancer treatment and other serious or potentially terminal conditions, as well as any conditions that require surgery, tends to be expensive. The unfortunate reality is that, even with insurance, there are many medical diagnoses that can be as devastating to a person’s finances as they are to their health.
Medical Debt Can Be Overcome
What people left with medical debt because of expensive medical treatment need to know is that they have options. This debt can be overcome by filing bankruptcy.
Bankruptcy has proven extremely effective in eliminating unsecured debt. Medical debt, along with credit card debt and other common forms of debt, is unsecured debt. If you have struggled to catch up and are not able to find solid financial ground, you could benefit from a conversation with an experienced bankruptcy attorney.