Seniors and Bankruptcy

Posted by Dr. Lynn Dorman

I'm sorry - but in the USA when an 80-year old has no option but to file bankruptcy - I get royally pissed!

This 80-year-old woman was still working to supplement her social security income but she needed surgery and like too many other Americans - she used credit cards for food...and now she is filing for bankruptcy.

Unfortunately she is not alone!

In 1991, the 55-plus age group accounted for about 8 percent of bankruptcy filers, according to the study, which looked at more than 6,000 cases filed in 1991, 2001 or 2007. By last year, filers 55 and over accounted for 22 percent.

Each age group under 55 saw double-digit percentage drops in their bankruptcy filing rates over the survey period, older Americans saw remarkable increases. The filing rate per thousand people ages 55-64 was up 40 percent; among 65- to 74-year-olds it increased 125 percent; and among the 75-to-84-year-old set, it was up 433 percent.

[emphasis added by Lynn]

Full article HERE

My mother used to worry about outliving her money - so should the rest of us as it is more of a reality.

Again I ask - why do we treat our elders this way? Why do we allow medical establishments to force us into bankruptcy? With the big pharmas helping push all along on this same path? [often with meds we do not need]

We need a sane medical policy like universal coverage - which would help alleviate a lot of the sky rocketing costs.

The USA has among the highest medical costs in the world - but not even the best care anymore...that is sad too.