The cost of health care has risen drastically over the past few decades. If you do not have medical insurance to help pay bills, a serious injury or illness can be financially devastating to you and your family. The most recent studies on bankruptcy show that approximately 50% of all personal bankruptcies are due to serious illness. Even if you are ill for only three to six months the bills for health care can total from $30,000 to $200,000 and much more in some cases.

If you don’t have health insurance coverage you can be exposed to high health care bills; or, if you have too little or the wrong kind of coverage, you won’t have enough protection. Add this to the bills you were unable to pay while unemployed and it is easy to see how bankruptcy occurs.