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Helping People Get A Fresh Financial Start to Regain Financial Independence

Helping People Get A Fresh Financial Start to Regain Financial Independence

Survey: Medical debt is a persistent problem for many Americans

On Behalf of | Oct 21, 2022 | Eliminating Medical Debt

In Indiana and across the United States, people have been confronted with a major rise in the amount of money they owe to various creditors. Much of that stems from the recent national health crisis, job loss and reduced income. A major factor in debt is medical expenses. This is one of the most frequent complaints expressed by consumers. A recent survey emphasized how extensive this problem has become. People should be fully aware of options available to clear medical bills they cannot pay.

Poll says that more than 45% of Americans are carrying health care debt

Babylon, a health startup, had a poll conducted to determine how many people are in medical debt. There were 5,000 people who participated. It found that nearly half of its participants are in some form of health care debt. More than one in three stated they are having trouble paying for various forms of medical care. Demographically, people in the age range of 25 to 34 expressed growing worry about these expenses.

This is worrisome due to the escalating cost of medical care, a lack of health coverage and the rising cost of other aspects of daily life. Often, people are not adequately prepared for an unexpected health challenge.

Ten percent stated that they could not pay out of pocket costs if they had a need for immediate treatment. Sixty percent did not have a savings account that was created solely for medical care. This study is comparable to another recent survey from Commonwealth Fund that said 46% of people polled either waited before getting care when they needed it or did not get it at all due to its cost.

When medical debt is an overwhelming problem, bankruptcy could help

People who are worried about overwhelming medical debt first need to realize they are not alone. Others are dealing the with the same worry and apprehension about how they will get into a better financial situation. They are also thinking about how they can put an end to the calls, emails, messages and pressure from debt collectors.

To clear medical debt, bankruptcy can be an effective strategy. Whether they own property they want to retain such as a home, automobiles and collectibles and want to file for Chapter 13 or they simply want to have a liquidation through Chapter 7, bankruptcy may be helpful in eliminating medical debt. It is important to understand the entire process and what must be done to achieve debt relief through bankruptcy. Having experienced advice can provide that information and guidance with moving forward.

Findlaw Network