COVID-19, a highly contagious virus first identified in late 2019, has led to widespread health and financial challenges globally. A recent study highlights the long-term financial difficulties faced by individuals post-infection, even those who did not require hospitalization. Conducted by researchers from the University of Michigan and Johns Hopkins University, the study analyzed the financial health of over 132,000 people in Michigan, demonstrating that COVID-19 patients have an increased likelihood of experiencing severe financial issues after their illness. Specifically, 42% of hospitalized patients had low credit scores six months post-discharge, compared to 34% of similarly affected, non-hospitalized individuals. Moreover, 27% of hospitalized patients had medical debts sent to collections versus 19% of the comparison group. The research suggested a significant rise in non-medical debts as well. Dr. Nora Becker emphasized the high potential for serious financial repercussions linked to COVID-19, especially as pandemic-related economic support has dwindled. The findings underscore the need for further investigation and policy measures to protect COVID-19 survivors from ongoing financial hardships, particularly in the absence of government assistance programs.
