With the increasing lifestyle diseases in the United States, it is evident that the majority of the ageing and middle aged populations is suffering from expensive medical costs. The scenario is no different from what is happening around the globe. High medical insurance premiums from private insurance companies have forced the majority of the families to ditch the medical insurance schemes leading to looming bankruptcy at times of medical situations.
Even if a family is insured, there still exist indirect medical payments resulting from out of network specialist visits who charge exorbitantly per medical check-up. Chronic illnesses mainly attributed to lifestyle diseases such as cancer have led to financial ruin of various families. Extensive costs arise from prescribed medications and drugs, hospital stay and doctor services. Nowadays, even the diseases that require outpatient services have become expensive due to nature of machinery involved in diagnosing the medical problem. The faster the laboratory services the hefty the pay. Ultimately, the cost of medication has gone up and since anyone can fall sick, the private medical institutions are taking advantage of the low quality services offered by state owned medical institutions.
Indirect costs such as loss of work hours resulting from illness further drains the saved money and resources. In most cases, the bread winner of the family falls ill leading to strained family upkeep. This has definitely resulted in bankruptcy even if the family was insured against medical expenses. In many cases, the spouse of the sick person or a parent may lose some working hours while taking care of the sick. This will result to underpayment if the working spouse is paid in terms of wages. The cost of nursing a sick person is so huge that the insurance cover alone cannot compensate. The use of credit cards to cater for medical bills has resulted to a more disastrous financial devastation as compared to conventional pay. The medical debt simply converts to a consumer debt for which the client is subject to hefty fines if the premiums are not paid on correct time and exorbitant interests that results from the consumer debt.
The consumer debt limits one from securing a house mortgage or passes a credit check for job recruitment. If a qualified person is unable to secure a well-paying job because of credit debt, then the family is bound to suffer from bankruptcy.
Since most insurance companies are hectic to follow for medical compensations, many Americans engage in out of pocket payments which are deemed expensive. The lack of national social insurance fund in some regions has subjected several families to the expensive private insurance firms. Some of the working class citizens are forced to pay for insurance premiums as per their job requirements. With the ever rising cost of living, deducting insurance premiums from an already underpaid individual definitely leads to bankruptcy.
The government has enough to do in terms of making some medical services free, subsidizing the cost of medication and medical drugs. On the same note, stringent laws need to be passed to regulate insurance policies to cushion citizens from high medication fees.