A Kaiser Family Foundation poll conducted in April found that 28% of Americans reported that they or their families had had a serious problem paying health insurance or medical bills because of changes in the economy. Now, the connection between medical debt and the current credit crisis is strong enough to prompt Mike Leavitt, head of the U.S. Department of Health and Human Services, to declare at a recent news conference, "If we had any idea how many mortgages were foreclosed because people were crowded out by medical issues ... Healthcare costs are at the heart of many of the things happening."
Barack Obama's presidential campaign claims that comments by a top adviser to John McCain reinforced Obama's contention that millions would be worse off if they lose employer-sponsored health coverage and end up buying it themselves. McCain wants to change the current income tax treatment of health insurance, treating payments toward health insurance as taxable wages. In exchange, individuals would get a $2,500 tax credit and families would get a $5,000 credit when buying health coverage.
A Washington, DC, Council member who created a plan to provide healthcare to thousands of uninsured residents said he wants to delay it to help the District create a $20 million cash reserve in the face of continued economic uncertainty. David A. Catania, who sponsored the Healthy DC proposal that the council approved last spring, said he will formally ask his colleagues to postpone the program for at least a year. Instead, Catania said the cash reserve is necessary to prepare for a likely continued decline in revenue, which could swell the rolls of residents who seek healthcare under the D.C. Healthcare Alliance, a safety net for low-income residents.
The federal budget deficit is growing, forcing legislators to look at more limited and incremental ways to expand healthcare coverage for more Americans. In 2007, more than 47 million Americans were uninsured, according to the U.S. Census Bureau. Both presidential candidates are also seeking to reform and expand the country's healthcare system.
Kuwait's largest bank guaranteed deposits and formulated a bailout last weekend. As a global financial crisis looms, this is the first bank rescue in the Persian Gulf. Previously unaffected by the crisis, the Gulf is now appearing vulnerable. And now, officials in Saudi Arabia plan to grant more than $2 billion in loans to low-income borrowers.
While it's a growing trend, not many people are yet willing to travel to foreign countries for medical procedures. This is prompting medical tourism promoters to look at domestic medical tourism, a trend that is also growing. In the meantime, hospitals nationwide are working to attract new patients here as well as international patients.