UW study reveals medical debt's impact on insured individuals' bankruptcy

A recent study conducted by the University of Washington reveals that numerous adults of working age in America face a high risk of bankruptcy due to hospitalization caused by an injury.

"We weren't taken aback by the finding that an injury such as a car accident or a fall requiring hospitalization leads to higher medical debt and bankruptcy," said Dr. John W. Scott from UW Medicine.

Scott, who has worked as a surgeon for fifteen years, stated, as expected and unsurprisingly, that patients without insurance are most at risk for medical debt.

But the more surprising result was that it's actually not the lowest-income patients," he said. "It's more the working-class and working-age families who were most affected.

And what is the reason for that? Scott stated simply: Medicaid fulfills its purpose by safeguarding individuals from significant out-of-pocket costs. However, he mentioned that working-age Americans who rely on private insurance do not receive similar protection against hundreds, or even thousands, of dollars in medical expenses.

It's harmful to carry medical debt, and it's also damaging when it leads to bankruptcy," Scott stated. "However, what truly captures my attention as a doctor is the effect it has on individuals' health.

Scott stated that an individual is three times more likely to postpone treatment if they already have medical debt.

"Because you're afraid you can't afford it, and then you put off the care you need, leading to worse health outcomes," he said.

Right now, A proposal is currently being developed by the state legislature to lower the allowable interest rate for medical debt within the state from 9% to 1%.

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