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?

Question

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

Answer 1

Uninsured, but also people with *very* expensive medical conditions who opt for treatments that may not be covered under their insurance, or while covered, have a high co-pay. There are a LOT of cancer drugs that are insanely expensive, and many health insurances only cover them 80%. My wife’s first cancer drug was $7000 / month (20% copay would be $1400) and her second drug was $12,000 / month (copay would be $2500). You can see how this would add up *very* quickly.