One of the most stressful ordeals of financial hardship is when we are hit with a medical emergency or a new diagnosis. Even if we have insurance, suddenly, we must dole out shocking amounts of cash for life-saving medications or procedures, often tapping our savings or maxing out our credit.
As if the illness or accident wasn’t bad enough, we are forced into a new world of priorities, not only because of our medical condition but also because of the extreme financial demands of managing that serious illness, often causing a financial crisis that spirals out of control.
Particularly if we’re living with a serious illness such as cancer, cardiovascular disease, multiple sclerosis, or kidney disease, we’re more likely to be forced into debt. Aging adults who live alone or single parents raising children with special needs are often so strapped that other essential needs like clothing or food are sacrificed for medications, transportation to medical appointments, or surgeries.
Indeed, many of us are faced with a strange paradox: The healthcare system that is supposed to save our lives can actually destroy our lives through financial ruin and distress. And that is why so many Americans deliberately avoid going to a doctor for preventative care or wait too long for intervention even when symptoms are present—especially when underinsured.
A survey by Affordable Health Insurance revealed that over half of........