(Aug. 26, 2023) — In the U.S., 66.5% of bankruptcies are due to medical bills, which amounts to 530,000 medical bankruptcies each year.1 Among those who file bankruptcy due to medical expenses, 72% have health insurance,2,3 highlighting the outrageous state of health care in America.
If you end up in the hospital, you know you’re going to receive a bill — but you don’t typically know how much that bill will be. It’s no wonder that two-thirds of adults worry about being able to afford surprise medical bills like these.4,5
In fact, in a survey of public financial worries, being able to afford unexpected medical bills topped the list, followed by concerns about paying for health insurance deductibles and prescription drugs.6 Staying healthy by taking control of your health is key to avoiding this medical bill debt trap.
Big Pharma Manipulates Patents to Drive Up Drug Costs
If U.S. medical costs seem sky-high, it’s not in your imagination. Big Pharma keeps drug costs elevated due to patents, which last 20 years, and sometimes up to 40, preventing competitors from introducing less expensive generics to the market.7 A report from I-Mak analyzed the 12 best-selling drugs in the U.S., finding that their makers file hundreds of patent applications, most of which are granted.8
While U.S. patent law intends patents to provide 10 years of protection, the mass patents allow drug makers to monopolize the market and drive up costs. “These patents are used by drugmakers for the purpose of forestalling generic competition while continuing to increase the price of these drugs,” I-Mak reported.9
On average, among the top 12 drugs studied, there were 125 applications filed and 71 patents granted per drug. Prices also increased 68% since 2012. According to I-Mak, “There are 38 years of attempted patent protection blocking generic competition sought by drugmakers for each of these top grossing drugs — or nearly double the 20-year monopoly intended under U.S. patent law.”10
Hospitals Charge You Up to 18 Times Over Their Cost
It’s not only drug costs that are bankrupting Americans. Hospital stays can also lead to financial ruin — and it’s easy to see why when you realize the price-gouging going on. In “Fleecing Patients,”11 National Nurses United highlighted that the 100 most expensive U.S. hospitals charge patients from $1,129 to $1,808 for every $100 of their costs.12
That is 11.3 to 18 times what their actual costs are. Many companies, like grocery stores, typically operate on margins of 1 to 3% profits,13 or 0.1 to 0.3 times their costs.
“There is no excuse for these scandalous prices. These are not markups for luxury condo views, they are for the most basic necessity of your life: your health,” Jean Ross, RN, president of National Nurses United, said in a news release, adding:14
“Unpayable charges are a calamity for our patients, too many of whom avoid — at great risk to their health — the medical care they need due to the high cost, or they become burdened by devastating debt, hounded by bill collectors or driven into bankruptcy.”
It’s gotten so bad that 30% of adults in one survey said they had to choose between paying for medical bills or necessities like food and housing.15 Hospitals then go after patients who can’t pay. In Maryland alone, one of the only states to publish such data, hospitals have filed more than 145,000 medical debt lawsuits in the last decade, trying to recover $268.7 million.16
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5 Keys to Take Control of Your Health
I’ve long recommended staying out of hospitals as much as possible to protect your health. But doing so will also protect your pocketbook. While you should always seek medical care when you need it — especially in cases of emergency — I am going to list the most powerful lifestyle strategies I know that you can take to radically reduce your likelihood of getting sick and ending up saddled with oppressive medical debt that can lead to bankruptcy.
Assiduously following these recommendations will go a long way to immunizing you against all chronic diseases that are the primary reason most people wind up in the hospital.
1. Get one hour of daily sunshine — Head outdoors for a daily dose of sunshine as often as possible. Ideally, seek to get one hour of sun exposure daily with minimal clothing. If you spend more time in the sun, the rates of many types of cancers would radically decrease and there would be fewer cardiovascular disease deaths.17
One of the primary benefits is that your skin produces vitamin D in response to sun exposure. Vitamin D upregulates your ability to fight infections, as well as chronic inflammation, and produces over 200 antimicrobial peptides (AMPs), one of which is cathelicidin, a naturally occurring broad-spectrum antibiotic.
The cathelicidin antimicrobial peptide, or CAMP, is made by immune cells and skin and gut cells, which act as a barrier to infection.18,19 Beyond vitamin D, which may serve as more of a marker for proper sun exposure, getting out in the sun is involved in melatonin production.
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