Is your medical debt pushing you toward bankruptcy?

If you are like many other Americans, you may have medical bills that you are struggling to pay. In fact, more than two million people in the United States are overwhelmed with medical debt and many consider bankruptcy as a way to get out of the mess. Medical bills can deplete savings accounts, cause credit card debt and make it hard for you to pay your mortgage or buy everyday items you need to get through life. What is the root cause of these unruly medical expenses?

Even after paying hefty monthly premiums, you may be made to pay a high deductible, copays and a percentage of the service being performed. Some high deductible plans require the member to pay $10,000 before full benefits kick in and even then, you may have to pay a good percentage of the cost. All of this adds up, and for some people, it becomes more than they can bear. 

Part of the problem is that different medical services vary greatly in cost, depending on where you live, what medical institute you go to and what service you need performed. For example, if you go into the emergency room for a sprained ankle, you may be charged anywhere from $10 to $10,000 depending on where you are treated. All medical institutions charge different prices for their services, and may bill your insurance plan differently. In some cases, it may be cheaper for people who do not have any insurance to receive medical care. 

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

 

 

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