One of the most difficult forms of debt to deal with is the debt that accumulates as a result of a health care crisis. Medical debt can be especially difficult to deal with emotionally because it’s typically a two-headed beast that brings with it enormous medical bills and a significant medical issue for you or a loved one.
A study last year of Americans struggling with medical bills showed that even health insurance does not always work as a safety net. That’s because for people living from paycheck to paycheck, financial troubles can balloon when their health plan requires them to spend thousands of dollars for out-of-pocket payments.
A poll by the Kaiser Family Foundation showed that about 20 percent of Americans under the age of 65 and who have health insurance have financial problems as a result of medical bills. The poll also found that more than half (53 percent) of those without medical insurance also had trouble paying their bills.
A vice president at the health research Commonwealth Fund said we have made progress in slowing the rise of health care costs and in getting coverage for Americans, “but there is this underlying trend towards higher cost sharing that could put increasing numbers of people at risk for being underinsured.”
Among those who have insurance and also experience trouble paying their bills, 63 percent said their medical problems required them to use up all or most of their savings. Forty-two percent had they had been compelled to take an extra job or extra hours to try to pay their bills, while 14 percent said they moved or got a roommate to help trim or share household expenses. Another 11 percent said the financial struggles required them to seek financial aid from a charity.
If your Brevard County family is in debt because of medical bills, you can speak with a skilled attorney experienced in negotiating medical debt reduction, creditor settlements and more affordable payments.