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How big of a problem is medical debt?

The rising cost of healthcare over the last few decades hasn't been a secret for most Americans. Many have been burdened by increasing insurance and healthcare costs. In a time when more Americans are reaching retirement age and, therefore, using more medical services, these increasing costs are hard to bare. Many of these individuals have been burdened with medical debt as a result.

However, increasing medical costs don't just affect the elderly. Many may wonder, how big of a problem is medical debt for Tennessee residents? According to data by the Centers for Disease Control and Prevention, medical costs burden many families throughout the nation. In fact, according to the CDC, 26.8 percent of families in 2012 said that medical care was a financial burden on them. This is equivalent to one in four families in the United States.

In particular, families with children under the age of 17 faced a higher medical care burden. CDC data also shows that families with uninsured members or families or families below the poverty line were more likely to experience a financial burden from medical care.

Furthermore, the CDC reports that one in 10 people with medical bills were unable to pay the bills at all. And, one in five struggle to pay their medical bills.

When struggling with medical debt, these families may not know where to turn. Not only are they dealing with a medical crisis but a financial one too. While this post is purely informational and cannot provide specific legal advice, Tennessee residents should know that debt relief options are available for medical debt. Depending on the situation, this could include negotiating to reduce the debt or filing for bankruptcy. An attorney can help people decide what debt relief options are right for them.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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