The Best Argument

about why privatized Social Security is a bad idea may be how well our privatized health care account system is working for people.

WASHINGTON (Reuters) - Half of all U.S. bankruptcies are caused by soaring medical bills and most people sent into debt by illness are middle-class workers with health insurance, researchers said on Wednesday.

The study, published in the journal Health Affairs, estimated that medical bankruptcies affect about 2 million Americans every year, if both debtors and their dependents, including about 700,000 children, are counted.

"Our study is frightening. Unless you're Bill Gates you're just one serious illness away from bankruptcy,'' said Dr. David Himmelstein, an associate professor of medicine at Harvard Medical School who led the study.

"Most of the medically bankrupt were average Americans who happened to get sick. Health insurance offered little protection."

Hard working people, many of whom were paying for good health insurance, are ending up bankrupt because insurance companies are increasing deductibles and co-pays, while cutting back payments and coverages, and often fail to cover needed expenses for recovery.

These people do, however, get to enjoy the freedom and pride that comes from being part of the Ownership Society.