Medical debt is often a huge source of stress. Even though an individual may try to handle it alone, medical costs still cause a lot of trouble.
Knowing where medical debt comes from is important for figuring out how to deal with it.
Unexpected hospital bills
One reason people may get medical debt is because of unexpected hospital bills. When a person stays in the hospital or visits the emergency room, the costs add up fast. Even if they have insurance, they might still have to pay a lot because of deductibles or charges for going to a doctor who is not in their insurance network.
Services not covered
Another contributing factor to medical debt is the cost of services not covered by insurance. Certain treatments, procedures or tests may not be part of insurance plans, leaving individuals responsible for the full cost. This can catch people off guard, especially if they are unaware that a particular service is not covered.
Out-of-network providers
Seeking care from out-of-network healthcare providers can lead to medical bills. While emergencies may need treatment from non-network providers, patients often find themselves saddled with higher costs due to the lack of negotiated rates between the provider and their insurance company.
Chronic conditions
Managing chronic medical conditions can also contribute to medical debt over time. The ongoing need for medications, doctor visits and specialized care can result in continuous financial strain, particularly if individuals have limited resources.
When trying to move forward in life, medical debt may feel like a weight hanging around an individual’s neck. Some may even drain their savings or put off homeownership. Taking steps to relieve that burden can give people a fresh start.
