Thursday, October 22, 2009

Medical Bankruptcies

This is great. Al Franken schools Hudson Institute Senior Fellow Diana Furchtgott-Roth about medical bankruptcies.Our bankruptcies in the US are caused about 62% of the time (according to the American Journal of Medicine) by medical costs. And, of those, nearly 78% of the people had medical insurance.

Whoo. How could that happen? I always thought that if you had medical insurance you had access to the greatest medical system in the world! Well, it happens because there is such a thing as "lifetime limit" and if the insurance company can find one mistake in your application (which could be as small as your weight or treatment for acne or asthma when you were ten years old) then they can rescind your application and cancel previous as well as current liabilities.

This was a hearing held the other day in the Senate Judiciary Committee on medical bankruptcies. If you haven't seen it, it's well worth watching.