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Nationwide: Medical bills are top cause of bankruptcy

Nationwide, medical bill debt is the number one reason for bankruptcy filings. And it is not just people without insurance. Even those who had a good medical plan may find that bills are piling up--and up. The reason? High deductible and co-pays.

Healthcare in theory

With the advent of the Affordable Care Act, more Americans than ever have health insurance. But the cost is steep and in order to comply with the law, many people have bought polices that have reasonable premiums but unreasonably low coverage. According to the New York Times, some policies are charging upwards of $5000 per person in deductibles.

This means that basic medical care is out of reach for those consumers, and an injury or illness--especially one that requires hospitalization--can send you into financial ruin.

Finding help

There is no shame in filing for bankruptcy. The statutes and federal code were developed so that people who have had severe financial trouble can move forward with a fresh start. No one plans on getting sick, but illness does not discriminate and it is unwise and unfair to have to choose your health over your finances.

According to CNBC, the average number of medical related bankruptcies is well over 500,000, and affects every age range from 18 year olds to seniors. Medical issues defy demographics--no one is spared and no one should have to live a life with unwieldy debt. If you have medical bills you cannot afford to pay, consider speaking with a bankruptcy attorney about the options available to you.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
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