It's no secret that the cost of health care in the United States is beyond the means of many Americans. Studies suggest that as many as 27% of bankruptcy filings are caused primarily by medical bills, with an additional 36% of cases having medical debt existing alongside serious credit card debt.
But there are steps you can take to protect your finances from exorbitant medical bills. Read on for details.
Whether or not you have health insurance, medical debt can add up. To make sure it doesn't take you by surprise, always ask ahead of time how much a procedure or a hospital stay will cost (emergency situations, obviously, are exceptions). Throughout the payment process, it's important to stay on top of things:
Studies have found that, unfortunately, even those with health insurance can be pushed to filing bankruptcy because of unmanageable medical bills. If you have medical insurance, there are steps you can take to minimize the likelihood that your bills will get out of control.
As those without medical insurance know, the least doctor's visit can touch off a series of unwieldy medical bills. But if you simply can't afford insurance, you may qualify for aid from various programs offered by the government and private institutions. Consider the following.
Sometimes, medical emergencies and prolonged illnesses are financially overwhelming, no matter what steps you take to minimize costs. Those who cannot afford to pay medical debts may find relief by filing bankruptcy. For more information about filing bankruptcy, we can connect you with a bankruptcy lawyer for a free consultation.