eli5 How people go into bankruptcy from medical debt with things like out of pocket maximums on health insurance. Is it just uninsured that this happens to?
In: Economics
Major medical events usually also often knock you out of work for a significant period of time and can generate non- medical costs. E.g if you’re already living paycheck to paycheck and you get stuck in bed for a month or six, the unemployment check might not be enough to cover your bills. This is why bankruptcy rates after major medical events are similar between the US and Canada.
Latest Answers