Macco Law Group, LLP

What you should know about medical debt

What you should know about medical debt

If you feel submerged under a pile of never ending medical bills, you are not alone. Millions of Americans feel as though they will never escape the burden of medical expenses. In a number of cases, these overwhelming medical bills lead to bankruptcy. A study performed by Kaiser Family Foundation found that one in every three people in the United States has trouble paying for their medical expenses. Approximately 21 million are continually paying off credit card debt associated with medical expenses and another 28 million have run out of money in their banking accounts while making payments. In fact, 62 percent of people who file for bankruptcy in the nation indicate medical debt as the reason for their filing and financial demise.

Costly medical care is just one factor blamed for this high rate of medical bankruptcy. People struggle to pay their monthly premiums to have insurance coverage and are still forced to pay for deductibles and copays for their medical care. Furthermore, the cost of medical injuries and conditions vary significantly depending on what medical institution you go to, as well as what part of the country you live in. Simple injuries, such as a sprained ankle, can generate healthcare costs that vary between a hundred dollars and $24,000.

As you age, you are more likely to uncover greater medical expenses. This could be difficult to pay off with limited retirement savings. In some cases, bankruptcy may be an option that works for you.

This information is intended to educate and should not be taken as legal advice.