In 2009, more than 1.5 million Americans will have declared bankruptcy. You might be surprised to learn, however, that a heavy majority – more than 60 percent – of these bankruptcies are not due to lavish lifestyles or overspending, but rather to medical bills. Even families who have medical insurance can find themselves very deep in debt after a medical disaster, depending on their deductibles, exclusions and co-pays.

This phenomenon is on the rise, as well. In 2001, right around 46 percent of all bankruptcies were due to medical bills. Today, that number has increased by nearly half. What’s especially troubling about this trend is that many of the people filing are middle class, educated, professional homeowners.

Unless you’re independently wealthy, you and your family may be one serious illness away from financial ruin. If an illness is expensive enough and lasts long enough, your medical insurance may offer little protection against having to file a bankruptcy based on your medical bills. This is a real concern for families all across the nation.

It’s not just families without medical insurance that are facing bankruptcy due to medical bills, either. Nearly 80 percent of people that file bankruptcy due to medical bills actually have medical insurance. What often happens, however, is that certain gaps in their insurance caused debt to rise. These kinds of gaps include things like co-pays, deductibles and services that aren’t covered by the medical insurance policy.

In some of the cases where people filed bankruptcy due to medical bills the situation was much more tragic. These folks started out with medical insurance, but became ill and eventually lost their job. When they lost their job, they lost their insurance and were then unable to pay their medical bills.

On the average, families who filed bankruptcy for medical bills had around $18,000 in medical debt. This number is significantly higher – around $27,000 – for families that don’t have medical insurance. In some cases, of course, medical debt isn’t the only reason or even the most important reason for filing bankruptcy, but it is at least a factor in the bleak financial situation that led to bankruptcy.

Whether the cause is direct or indirect, the fact is that medical debt can push families over the edge. Especially in a down economy, many families are living on a financial edge. One large financial catastrophe, such as that which accompanies a severe illness, can truly be devastating.

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