In Minnesota, debts can be acquired in various ways, including medical expenses. Drugs can be very costly, depending on their purpose and the type of drug that is needed. For example, cancer-related drugs are some of the most expensive drugs on the market. Expensive drugs can force the patient's family to find other ways to afford treatment. This, in turn, can cause financial challenges and an added dilemma for patients who may be battling a disease while seeking debt relief.
According to a study, Americans spend an average of $20,000 to $30,000 out-of-pocket for their medicine annually. Some patients are unable to afford these expenses, which could leave them untreated or undertreated. The American Society of Hematology recently released an article that tackles drug prices for CML (chronic myeloid leukemia); those drugs are very expensive.
Twelve cancer drugs were approved last year by the U.S. Food and Drug Administration; 11 of those drugs cost patients $100,000 annually. Cancer drugs have doubled in price, which is a major concern for doctors, who are trying to cure their patients' diseases.
In Minnesota, 817 people are added to the list of leukemia patients each year and some of them suffer from CML. The survival from this disease is challenging, which may be the reason why drug makers seize the opportunity to charge higher drug prices. Of course, patients may choose to pay for the expensive drugs in order to survive, if they are able to afford it.
Illness is one of the reasons why many Americans are struggling with debt. Fortunately, there is an option that may help consumers to deal with debts-personal bankruptcy. Debtors can choose between Chapter 7 "liquidation" or Chapter 13 "reorganization," depending on their current situation.
A debtor may consult a bankruptcy legal professional who can assess the case and find debt relief solutions. Some people may think that choosing bankruptcy means that they failed to provide but that is not the case. Personal bankruptcy is an economic tool that can be used to give them a fresh start in life. They should take advantage of it.
Source: Sctimes.com, "Costs of drugs force sick into bankruptcy, or worse," Linda Larson, May 8, 2013
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