Google “bankruptcy because” and your search bar will go ahead and suggest “of medical billings”. Policy research on how to solve this issue is abundant, but how do you help the patients whose illnesses have already scorched a hole through their wallet?
The reality is that patients in the here and now need help to keep them from filing for bankruptcy because of healthcare costs (the #1 cause for bankruptcy filings). Cancer patients are 2.5 times more likely to go into bankruptcy than the average patient and Launch! contestant Vivor acts as an oncology financial advisor by matching patients to funds they qualify for. With their PAPnavigator product, a detailed patient profile is created and is tested against hundreds of assistance programs to find financial services they qualify for.
Another startup involved in a different area of financial security is True Link. After releasing a report revealing that seniors lose $36.48 billion each year due to elder financial abuse, they created the True Link prepaid debit card and monitoring system. The typical answer a bank will give to victims of elder financial abuse is to take away their checkbook, but this restricts them of their independence. True Link monitors card use and alerts family when necessary. A happy balance is found between the senior’s monetary freedom and the caregiver’s stress of potential financial abuse is alleviated.
With these new tools on the rise, caregivers and patients have the ability to safeguard their monetary safety and security.