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Message
The ACA Helped Drive Down Personal Bankruptcies
Posted on 5/3/17 at 8:50 am
Posted on 5/3/17 at 8:50 am
LINK
quote:
Filings have dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016 (see chart, below). Those years also represent the time frame when the ACA took effect. Although courts never ask people to declare why they’re filing, many bankruptcy and legal experts agree that medical bills had been a leading cause of personal bankruptcy before public healthcare coverage expanded under the ACA. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large.
“If you’re uninsured or underinsured, you can run up a huge debt in a short period of time,” says Lois Lupica, a bankruptcy expert and Maine Law Foundation Professor of Law at the University of Maine School of Law.
So did the rise of the ACA—which helped some 20 million more Americans get health insurance—cause the decline in bankruptcies?
The many experts we interviewed also pointed to two other contributing factors: an improving economy and changes to bankruptcy laws in 2005 that made it more difficult and costly to file. However, they almost all agreed that expanded health coverage played a major role in the marked, recent decline.
quote:
At its most basic level, health insurance allows consumers to pay for the medical care they need. Each year, the Centers for Disease Control and Prevention determines how well the system is working by surveying Americans and asking a simple but powerful question: Did you have problems paying medical bills in the last 12 months?
The percentage of those reporting problems has dropped from 21.3 percent of households when they first asked the question in 2011 to 16.2 percent in 2016. That’s almost 13 million fewer Americans no longer facing collection notices from a doctor or hospital.
“It’s been happening across the board, by race, by age, by insurance status, by gender,” says Robin Cohen, the study’s lead author.
Posted on 5/3/17 at 8:51 am to BamaAtl
That makes sense given the point of the ACA is to make healthy people with money subsidize the healthcare of the sick and poor who otherwise would not have insurance and/or be paying higher premiums.
Posted on 5/3/17 at 8:52 am to BamaAtl
Downvoted without reading because I'm an idiot.
Posted on 5/3/17 at 8:52 am to BamaAtl
why does this chart start at 2009, the year that people started filing bankruptcies following the crash of 2008?
Posted on 5/3/17 at 8:53 am to BamaAtl
Thank goodness for Obamacare.
Posted on 5/3/17 at 8:54 am to BamaAtl
It also helped drive UP healthcare facility bankruptcies.
FACT
FACT
Posted on 5/3/17 at 8:54 am to SlowFlowPro
quote:
why does this chart start at 2009
Because the ACA was passed in 2010.
Posted on 5/3/17 at 8:55 am to BamaAtl
ACA helped with foreclosures as well...
Maybe there was a bigger issues at hand (housing market collapse)
Also, bankruptcy laws changed in 2005/2006. Your chart is misleading....
Bankruptcy statictics by year
Maybe there was a bigger issues at hand (housing market collapse)
Also, bankruptcy laws changed in 2005/2006. Your chart is misleading....
Bankruptcy statictics by year
This post was edited on 5/3/17 at 8:59 am
Posted on 5/3/17 at 8:55 am to BamaAtl
quote:
Because the ACA was passed in 2010.
but it's a VERY skewed temporal sample
what were bankruptcies like the 7 years prior to the ACA?
also, the ACA was passed in 2010 but wasn't implemented for a few years. why were bankruptcies falling dramatically at implementation?
*ETA: they went from 1.5M to 900k before it was fully implemented
This post was edited on 5/3/17 at 8:57 am
Posted on 5/3/17 at 8:56 am to SlowFlowPro
Take a few moments and read the article - this is addressed.
Posted on 5/3/17 at 8:56 am to SlowFlowPro
quote:
also, the ACA was passed in 2010 but wasn't implemented for a few years. why were bankruptcies falling dramatically at implementation?
Posted on 5/3/17 at 8:56 am to BamaAtl
Obamacare did not go into affect until 2013-2014.
Posted on 5/3/17 at 8:57 am to ST.TAMMANYTIGER
quote:
Obamacare did not go into affect until 2013-2014.
Fully, sure. But some pieces (including, importantly, a ban on lifetime coverage for some pre-existing conditions) started in 2011.
Posted on 5/3/17 at 8:58 am to BamaAtl
If the goal of ACA is to reduce personal bankruptcies then I suppose it's doing a good job. I'm happy for you that you are happy that the responsible people are bailing out the irresponsible people by the force of law from the federal government.
Freedom.
Freedom.
Posted on 5/3/17 at 9:00 am to BamaAtl
quote:
But some pieces (including, importantly, a ban on lifetime coverage for some pre-existing conditions) started in 2011.
other than being a small % of these medical bankruptcies, bankruptcies fell in 2011 below the 2009 levels
so that doesn't explain anything, either
Posted on 5/3/17 at 9:01 am to GumboPot
quote:
If the goal of ACA is to reduce personal bankruptcies then I suppose it's doing a good job. I'm happy for you that you are happy that the responsible people are bailing out the irresponsible people by the force of law from the federal government.
Although I highly doubt the ACA is correlated with less bankruptcies I think it's hilarious that someone would say that it's a good thing for free citizens to have money taken from them and given to others to help them avoid bankruptcies.
Posted on 5/3/17 at 9:02 am to BamaAtl
Public bailouts tend to do that.
Posted on 5/3/17 at 9:03 am to BamaAtl
quote:
The ACA Helped Drive Down Personal Bankruptcies
Gubment handouts will do that.
Posted on 5/3/17 at 9:03 am to BamaAtl
It sure seems to have the MOOOOSLMS pissed off!
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