When you suddenly had to go to the hospital, you knew that you were going to end up with a huge bill. You did everything you could to avoid it, but in the end, you needed emergency care.
You’re not the only person that this has happened to, and you’re right to be frustrated by the debt you’ve accrued. Medical debts are some of the most significant that Americans deal with thanks to high deductible health care plans and other factors.
Many people are starting to ask what we can do about medical debt, as it threatens the financial security of people throughout the U.S. To know how to tackle debt, you first have to know what the cause is, though.
Medical debt is a widespread problem in the United States. Around 35% of Americans find it difficult to pay their medical bills, and 28% have overdue medical bills, according to a survey by the U.S. Department of Health and Human Services.
Why does this happen? Rising health care costs combined with high-cost insurance that still has high deductibles are part of the problem. Almost all insurance has co-pays, too.
Federally, there is a limit on out-of-pocket expenses of $7,900 per individual or $15,800 for a family. That’s still significant and adds up to over 25% of an average household’s gross income.
If you are struggling with debt, you’re not alone. Many people are in the same situation as you. Your attorney can talk to you about the best ways to address your medical debt and to get back to a place of financial security.