More for the debate on healthcare

From Brianna Howell

"Unless you're a Warren Buffett or Bill Gates, you're one illness away from financial ruin in this country," --Steffie Woolhandler, M.D., of the Harvard Medical School

A new study reported by Harvard's Medical School reports that an estimated 60% of bankruptcies have come as a result of health care issues, in one form or another. There are three main ways health care funding resulted in bankruptcies. 1) Having more than $5,000 (or over 10% of annual income) in medical bills, 2) Mortgaging of homes in an attempt to pay for medical bills and 3) Loss of income due to time taken off of work because of illness. Interestingly enough, 78% of the people who filed medical-related bankruptcies had health insurance but still had significant amounts to pay for in co pays or "uncovered services". Critics say that this study is misleading because it may have overestimated the number of medical bankruptcies, but at the same time it underestimates the financial burden that health care expenses have placed on families--even if they have not filed for bankruptcy.

Although I am certain the debate over health care will continue for years to come, I think that this study proves that reform of some sort is necessary.