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Medical Debt Sending Many Over Financial Brink

Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000.

A combination of Keith’s chronic asthma and potential heart problems, Deborah’s connective tissue disorder and fallen arches, and their kids’ various scrapes and stumbles led them to amass a pile of credit card debt and forced them to refinance the mortgage on their house — which they now are having trouble paying.

Keith, once a plant manager for a trucking company in Chico, took a $30,000 pay cut to get a job with better health benefits. Deborah, who doesn’t work because of her disability, said they are still fighting desperately to stave off foreclosure.

“Right now, we are in the process of losing our home. We will probably go to my mother-in-law,” Deborah said Monday.

The Krinskys are not alone in their scramble to make ends meet because of medical issues.

The connection between medical debt and the current credit crisis isn’t a direct line, but it’s strong enough to prompt Mike Leavitt, head of the U.S. Department of Health and Human Services, to declare at a recent news conference, “If we had any idea how many mortgages were foreclosed because people were crowded out by medical issues . . . Health-care costs are at the heart of many of the things happening.”

Medical Debt Sending Many Over Financial Brink U.S. News & World Report, DC – 57 minutes ago … led them to amass a pile of credit card debt and forced them to refinance the mortgage on their house — which they now are having trouble paying. …

Read the rest here.

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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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