People in America spend more on health care per capita than in any other developed country. On average, each person spends $10,000 annually. One of the big problems with health care in America is that much of it comes out of pocket. This can be particularly true in cases of accidents, where patients are left with whatever emergency care providers are needed, not just those who are in network. With the combination of high prescription drug costs and high out-of-pocket expenses, it’s no wonder that so many people struggle with medical debt.
Did you know that over 42.9 million Americans have medical debts?
Of those who have medical debt, approximately 60% have insurance. On top of that, around one in 10 people delay the treatments they need because of the high costs associated with care. Out of all debtholders surveyed by the Kaiser Family Foundation, it was discovered that 22% only had medical debt.
It can be hard to pay off medical debts, but you should know that you don’t have to try to do it alone. There are options such as negotiating for lower rates, paying settlements, consolidating debts and filing for bankruptcy that could help you avoid having to struggle with debt. People who have insurance provided by employers still make up the largest group of people struggling with medical bills. It isn’t fair to them or you if you’re struggling, too.
Our site has more on medical debt and how the right debt-reduction plan or bankruptcy can help you move forward with a better financial future.