January 10, 2013 9:10 am • By BUD LAURENT
Washington has come up with at least a temporary detour around the so-called “fiscal cliff,” but they have done nothing to solve the personal/familial fiscal cliff that millions of Americans have gone over, and will continue to go over, until we get serious about the economic problem that has been spiraling out-of-control for decades now: health care costs.
Medical debt is the leading cause of personal bankruptcy in America. A 2012 study released by the American Journal of Medicine finds a huge increase — nearly 20 percent —in medical debt-caused bankruptcies between 2001 and 2007.
Sixty-two percent of all bankruptcies filed in 2007 were tied to medical expenses that individuals and families couldn’t afford.