RandomGuy
03-28-2019, 07:56 AM
More than a quarter of Americans say that someone in their household is struggling to pay medical debt, according to a report from the Kauffman Family Foundation last year. Low-income and other uninsured people tend to be in this situation at higher rates. Many dealing with the crushing weight of medical debt aren’t those suffering from continuing, chronic illness—they’re people who have had a sudden or one-time illness.
Given the state of most Americans’ finances, this isn’t surprising. Most people are ill-prepared to sustain any type of financial shock, be it job loss, a car breaking down, or a sudden illness. And financial surprises—though they are, of course, surprises—occur all the time.
In a new report, the J.P. Morgan Chase Institute takes a look at how medical costs factor into household financial volatility. Researchers honed in on about 250,000 J.P Morgan checking accounts where they could categorize at least 80 percent of expenditures. They found that for median-income households—that is those who make around $57,000 a year—expenses fluctuated by an average of 29 percent, or $1,300 from month-to-month.
https://www.theatlantic.com/business/archive/2017/02/medical-debt/516096
Given the state of most Americans’ finances, this isn’t surprising. Most people are ill-prepared to sustain any type of financial shock, be it job loss, a car breaking down, or a sudden illness. And financial surprises—though they are, of course, surprises—occur all the time.
In a new report, the J.P. Morgan Chase Institute takes a look at how medical costs factor into household financial volatility. Researchers honed in on about 250,000 J.P Morgan checking accounts where they could categorize at least 80 percent of expenditures. They found that for median-income households—that is those who make around $57,000 a year—expenses fluctuated by an average of 29 percent, or $1,300 from month-to-month.
https://www.theatlantic.com/business/archive/2017/02/medical-debt/516096