ChronovoCare & Combatting Medical Bankruptcy

Problem: The confounding burdens of medical debt

Advocacy surrounding bankruptcy caused by medical expenses in the passage of the Affordable Care Act in 2010 and the Medical Bankruptcy Fairness Act of 2014 has made it difficult to establish exact correlation. Some economists have pegged the bankruptcy rate as low as 4%.1 Others have estimated that the number is as high as 62%,2 with the share of bankruptcies caused by medical expenses on the rise by 50%.

Putting the politics of scope aside, its indisputable that millions of Americans struggle with debt that arises from medical expenses. Even the more conservative estimate (above) that only 4% of American bankruptcies are caused by medical debt includes the Consumer Financial Bureau’s statistic that 20% of Americans carry “substantial medical debt” of more than 10% of their annual income, even if only 1% of Americans claim bankruptcy each year. This equates to at least 65 million Americans with significant financial burdens caused by medical expenses.

Solution: ChronovoCare

While healthcare policy entails any number of complex issues, an innovative program that brings relief for consumers can fill a critical need. ChronovoCareTM, our new medical savings program, was originally created to help injured individuals access industry-insider savings of 15% to 80% on everything from prescription drugs to medical equipment to surgeries. We took a giant step forward, ensuring that our first-of-its-kind, 3-in-1 medical savings card is entirely free and available to everyone, regardless of health status.

Rather than pushing generics, off-market supplies, or discount providers, ChronovoCare provides significant savings with absolute freedom of choice. Members select their preferred drugs, brands, pharmacies, even doctors. There are no monthly fees or requirements to open special credit card or bank accounts. ChronovoCare enables consumers to compare prices in real time, make informed decisions and pocket savings on every expense they encounter.

The theoretical and policy debates over medical debt are essential. So is our practical, user-friendly and empowering solution to the often overwhelming costs of medical expenses: ChronovoCare.

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1 Dobkin, Carlos, Finklestein, Amy, Kluender, Raymond and Notowidigdo, Matthew. “Myth and Measurement: The Case of Medical Bankruptcy. New England Journal of Medicine. September 22, 2018.

2 Himmelstein, David, Thorne, Deborah, Warren, Elizabeth and Woolhandler, Steffie. “Medical Bankruptcy in the United States, 2007: Results of a National Study. The American Journal of Medicine. 2009.