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Healthcare costs are a financial burden for many Americans. A survey from West Health and Gallup found that Americans in large numbers are borrowing money, skipping treatments and cutting back on household expenses because of high healthcare costs. The survey of more than 3,500 adults found that 45 percent fear a major health event could bankrupt them.
“If you look at public records today, the number one cause of bankruptcy in the United States is healthcare costs,” says Paul Ketchel, CEO of MDsave. “If you look at healthcare spending in general and as a percentage of household income, it’s one of the highest items if not the highest item for most families and individuals.”