You Have the Choice to Take Back Control of Your Financial Future.

Many Americans struggle with medical debt

| Sep 10, 2018 | Chapter 7 Bankruptcy

America has some of the most advanced medical technology in the world, helping to save the lives of many every year. Yet, a number of people in Florida and across the United States are not able to afford the price tag attached to these medical treatments. In fact, one in every three Americans struggle to pay their medical bills, according to the Kaiser Family Foundation. While paying these debts, 21 million are paying medical related credit card debt and 28 million have used everything they have in their savings accounts. Approximately 62 percent of people who file for bankruptcy in the U.S. state that medical expenses are responsible.

There are several issues in the health care system that lead to this outrageous debt. First, the high price of health care insurance, deductibles and copays make it near impossible for some to afford their health care. After making high monthly premium payments, people are expected to pay a percentage of their health care costs as well. Second, the price of health care changes dramatically depending on where you are getting treated, as well as what type of procedure you have performed. For example, someone who goes into the emergency room for a sprained ankle in one state may pay as little as $4 depending on their insurance, while a person with a different insurance in another part of the country may pay up to $24,000 for the same injury.

It is greatly concerning to think that even people who have health care coverage will still accumulate high medical expenses that may cause them to declare bankruptcy.