“Unless you’re Warren Buffett, your family is just one serious illness away from bankruptcy,” said Dr. David Himmelstein, associate professor of medicine at Harvard Medical School. He described the situation as “frightening” in a news release issued by the Physicians for a National Health Program. Himmelstein is lead author of a study to be published in the August 2009 issue of the American Journal of Medicine but the report can be found online now.
The study, conducted by researchers at Harvard’s medical and law schools, as well as researchers at Ohio University, found that, in 2007, two-thirds of all bankruptcies in the US involved medical expenses and related issues. When compared to bankruptcies in 2001, the presence of medical issues in bankruptcies jumped by almost 50%.
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