Seniors Bankrupted by Loss or Lack of Coverage?

With the economy as it is including gas prices rising upward every day, the last thing seniors need is to not be able to afford their medical care, however, we know that this is a huge issue in this country and a huge election issue as well.

Studies are showing that seniors, who need medical care and coverage the most, are filing for bankruptcy at an alarming rate, and that at the core of these filings is the problem of astronomical health care costs.

A big part of the problem is that seniors – even with Medicare Supplements – have had to use their credit cards to pay for medication and other medical services that are not covered by their Medicare coverage or supplements.  Often, these individuals don’t have a huge nest egg, retirement income or Social Security income, and as a result, are trying to survive without giving up essential medications and treatment.  Many of these seniors only take half their dose of medication to make it stretch further, but even so, the cost is astounding, and too much for them to bear.

Once their credit cards are maxxed out, there is often no way for them to escape the overwhelming financial burdens which also include higher costs of even the basics such as food and gasoline.  Most of these seniors are unable to find jobs for many reasons.  Even though they are able to work and have the needed credentials and experience, they are not hired because of age discrimination and other factors.  Thus, bankruptcy becomes the last, desperate act in trying to stay above water, and this is particularly difficult for seniors because they have few job options, thus no way to pay their way out.

Health care is at the center of seniors struggles to stay economically stable.  It is important that answers and solutions be found that will help the most vulnerable of our citizens maintain at least a decent standard of living.