There really isn't any reason why a person who is diagnosed with cancer should burn through their entire life assets just to get the treatment they need. Unfortunately, this is a reality for about half of the cancer patients in this country. The cost of treatments, even for those with medical insurance, is so high that it can often force patients to choose between getting the care they need and paying for life's necessities.
Anyone who suffers from a sudden injury or illness is at risk of having considerable medical bills. Some assume that having good insurance will protect them from this; however, they aren't taking co-pays, deductibles and expenses that aren't covered into account. Unfortunately, there is one demographic of individuals who is facing an increased chance of having financial difficulties because of medical bills – senior citizens.
Medical debt can lead to many problems for people who are struggling with it, but one of the worst issues is that it can impact their ability to get mortgages and buy homes. According to a Dec. 16 report, it's unexpected medical bills that are increasing the debt load of Americans.
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.
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.
Medical debt is often unexpected and can total into the thousands, tens of thousands or even hundreds of thousands of dollars. Even those who have insurance may have co-pays, deductibles and expenses that come out of their pockets and threaten their financial stability.
Getting medical care for an emergency or a chronic medical condition shouldn't mean that you have to face bankruptcy; however, this is the reality for many people because they aren't able to keep up with the payments of the care. Unfortunately, medical care in the United States is expensive. Even some people who have excellent insurance find that the co-pays, deductibles and other expenses are more than they can handle.
Medical debt that has gone to collections can be frustrating. Did you know that around 80% of those who filed for bankruptcy due to medical debt actually had health insurance? It may not be surprising considering the high cost of deductibles, out-of-pocket co-payments and other expenses.
When you have to seek care in the hospital, you have a lot to think about. Not only do you have to miss work, you might know that you are going to start getting costly bills in the mail. There are a few things that you need to remember about these bills. One of these is that you must scrutinize them line by line so that you can ensure that you are only paying what you should. The second is that you need to come up with a strategy for handling them. A third is that you should only agree to payment terms if you are sure you can keep them.
Medical debt is a serious problem for many people, because it is quickly overwhelming even with insurance coverage. Deductibles, co-pays and coinsurance add up. On top of that, certain providers or people who worked with you during your treatment may be out-of-network providers, meaning that you have to pay even more for these services.