A Harvard University study has found that over 60% of the US personal bankruptcies are due to the unmanageable medical bills. The study found that most of the individuals giving personal bankruptcy, are in the middle class, own a home, and also have medical insurance.
But they are also stuck with medical bills that hit them beyond the insurance limits and that forces them to seek bankruptcy proceedings.
There has been a sharp increase in medical costs in US in the last five years, and with income stagnating or reducing, and also insurance companies tightening the rules, the middle class individuals are left with no choice, other than bankruptcy.