We all know how expensive medical bills can be, and new research shows those bills can lead to problems like bankruptcy down the road.
In fact, the research shows that 66.5% of bankruptcy filings were due in part to high medical bills. Health care expert David Balat with the Texas Public Policy Foundation tells KTRH the system is broken.
“Government and health insurance companies do not operate within normal business function, and this creates an undue financial burden for the American people,” Balat explained.
But, these numbers also show that many of us aren't planning for illness and living beyond our means, too. Balat says we simply have to plan better.
“Everybody should have an emergency fund,” Balat said. “That’s just good financial planning. But, I will support people’s freedom to make poor financial decisions.
Balat also told KTRH News that most adults, until they have kids of their own, just don't realize how expensive medical costs actually are.