Bankruptcy Among Americans Because of Medical Debts

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Every year, an extremely high number of Americans choose to file for bankruptcy, indicating a critical economic situation in the country, and two-thirds of them suffer from medical debts as the key cause of bankruptcy. This issue attracted my attention while reading the article by Ellrich and Stevens (2019), who state that Americans point at high costs of medical services; they are afraid of being bankrupts because of medical debts. The information about the risks of developing a personal and national crisis in the country because of high medical costs made me focus on researching the reasons for filing for consumer bankruptcy.

It was important to research this problem in association with the healthcare system issues observed in society. The purpose of this paper is to explain certain changes that occurred in my understanding of the social issue because of completing the research project as well as explain how these changes occurred. Initially, I assumed that Americans experienced financial problems and had to file for bankruptcy because of debts other than medical ones, but my vision changed along with the opinion regarding the Affordable Care Act (ACA).

Before starting the research process, I was inclined to understand the issue of filing consumer bankruptcy in American society from the perspective of the impact of credit card debts or mortgage loans on individuals’ finances. However, the article by Ellrich and Stevens (2019) changed my understanding of the problem because I concentrated on finding the causes of consumer bankruptcy filings in the area of healthcare costs.

At the initial stage of working on the project, I changed my perspective in discussing the issue of consumer bankruptcy. I focused on finding the relationship between Americans’ medical debts, their vision of the healthcare system, and their bankruptcy filings. My initial assumptions regarding the reasons for consumer bankruptcy in the United States were reconsidered significantly, leading to changing my viewpoint regarding the role of the healthcare system and legislation in the process.

I should state that, before starting the careful research process for the project, these changes occurred only as a result of finding information in the discussed article. Thus, I focused on examining the problem of Americans’ fears regarding their personal crisis and the national crisis associated with continuously increasing healthcare costs.

During the research process, I also changed my understanding of the issue with reference to the role of the Affordable Care Act in influencing Americans’ debts associated with receiving healthcare services. Before starting the search for sources for the project, I was inclined to support the idea that the adoption of the Affordable Care Act brought significant benefits to the system of healthcare in the country. Referring to some articles in the press and other media, I was inclined to criticize the achievements in the delivery of healthcare services associated with the Act. However, I believed in the mostly positive impact of the Act on the situation for disadvantaged people.

Still, the examination of articles on the problem of consumer bankruptcy caused by medical debts indicated that the ACA did not influence the situation significantly (Conley, 2019). The problem is that, although the percentage of consumer bankruptcy filings decreased after the adoption of the Affordable Care Act, the issue was not completely addressed.

The research process allowed me to focus on examining the aspects of the issue in much detail. Researchers and experts who presented their opinions in the academic literature on the problem still do not regard the Affordable Care Act and similar legislation as a good approach to addressing consumer bankruptcy cases (Conley, 2019; Fontenot, 2014). The further review of the literature, especially, the articles by Fontenot (2014) and Sugden (2012), led to other changes in my understanding and evaluation of the issue. Thus, I found evidence for the connection between healthcare expenses, medical debts, and individuals’ filing for bankruptcy typical of the American society.

Thus, I focused on medical debts as one of the primary causes of consumer bankruptcy. Furthermore, I also changed my view regarding the economic crisis in the country with reference to the problems in the healthcare system and the outcomes of adopting the Affordable Care Act.

As a result, I can state that the process of reviewing the literature on the topic and writing the project paper influenced significantly my vision of the causes of consumer bankruptcy in the United States. I also reconsidered my evaluation or assessment of the advantages and disadvantages of the Affordable Care Act for decreasing the number of consumer bankruptcy filings related to medical debts. Each source that was reviewed and analyzed during the process of working on the project paper added more details to understanding the problem. The process of working with the literature helped to formulate a specific framework, from which the issue of consumer bankruptcy, its causes, and its relation to medical debts and to the economic crisis were considered. It was a useful experience for me to improve my skills in research and argumentation.

After writing the paper, I know more about the issue of filing for bankruptcy in the United States. My current perspective differs from the view that was held initially. Currently, I can explain how the issue of consumer bankruptcy is associated with high healthcare costs and provide arguments based on academic literature. Moreover, I can develop the argument on the effectiveness or ineffectiveness of the ACA to address this issue.

My changes in the understanding of the problem are associated with the final process of working on the paper when I analyzed and synthesized data provided in academic articles in my writing. I could analyze the connection between the economic crisis and the development of the healthcare system, the role of the related legislation to support citizens and provoke or prevent bankruptcy filing. At the current stage, I should state that, with the help of completing the paper, I can clearly formulate my position regarding the examined issue. My position has changed significantly from the intention of finding the reasons for consumer bankruptcy to understanding the issue from the perspective of medical debts and the overall crisis in healthcare.

The experience of completing the current project provides me with many implications regarding the importance of research and analysis when examining complex issues. I have recognized the fact that I started to research the issue having the assumptions that could significantly influence my understanding of the problem. Currently, I understand that any position should be based on the effective and credible evidence that can support many arguments. My research on the problem has led me to finding the causes of consumer bankruptcy that were not initially assumed, and my further research helped to develop the problem analysis.

Thus, I learned important skills for interpreting current events with reference to available experts’ opinions. I can claim that my current understanding of the examined issue can significantly affect my future decisions and actions regarding healthcare expenses and insurance. The observed situation in the healthcare system and the frequency of filing for bankruptcy among Americans because of medical debts allow for reconsidering the personal approach to protecting one’s interests and health. It is important for me to develop an effective strategy in order to avoid the risk of medical debts in the future.

References

Conley, J. (2019). Despite promises of ACA, study shows two-thirds of personal bankruptcies still caused by illness and medical bills. Common Dreams. Web.

Ellrich, M., & Stevens, L. (2019). Americans fear personal and national healthcare cost crisis. Gallup News Service. Web.

Fontenot, S. F. (2014). Affordable Care Act: Lifting the curtain on health care costs. Physician Executives Journal, 40(2), 78-83.

Sugden, R. (2012). Sick and (still) broke: Why the Affordable Care Act won’t end medical bankruptcy. Washington University Journal of Law & Policy, 38, 441-474.

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Bankruptcy Among Americans Because of Medical Debts

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