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Medical Debt Archives

Fear of medical debt high in Americans

Medical debt is a problem for many Americans, and as many as one out of every four individuals struggle to stay current on what they owe to their health care providers. In fact, medical debt is the leading cause of bankruptcy filings in the country, and residents of Chattanooga may know firsthand just how financially crippling unexpected medical bills can be.

How much will it cost if I have to stay in the hospital?

Modern medicine can cure individuals of diseases that a generation ago claimed the lives of too many victims. Here in Tennessee, residents can visit some of the best doctors and hospitals in the country when health problems arise and pose threats to their wellbeing. Although opportunities for medical care and treatment are somewhat plentiful in the United States, paying for those services can be a challenge for many.

What events could trigger medical debt to get out of control?

When it comes to a person's health and well-being, few things matter more than keeping it in good standing. Health can take a turn in a hurry, whether from an accident injury, a sudden onset and diagnosis of a disease or other medical issue that needs attention. When this happens, it can have a domino-like affect on a person's finances. Thus, medical debt can become a big issue.

Study shows correlation between health and debt

There is a lot of attention put on the mantra of being healthy and living a healthy lifestyle. But beyond your health, how else could a person's life be impacted due to a healthy or unhealthy lifestyle? According to a new study, health and debt are negatively correlated. That is, the worse a person's health, the higher the chance of debt and bankruptcy. There are a few reasons for this, as concluded by the study conducted by researchers at the University of Georgia and the Federal Reserve Bank of Chicago.

Even those who have insurance can face crippling medical debt

Although the number of Chattanooga residents who don't have health insurance has dropped significantly since the passage of the Affordable Care Act, medical debt is still a problem for many residents. Medical debt can cause a family to suffer from emotional stress and financial strain.

Exploring bankruptcy as an option for medical debt issues

Of all of the reasons why Tennessee residents might need to explore the pros and cons of filing for bankruptcy, medical debt can be one of the most serious. An unexpected medical condition can leave any family's savings account running dry, even with health insurance coverage. So, can bankruptcy be a viable option for Tennessee residents who are facing overwhelming medical debt?

The best way to handle Tennessee medical debt is prevention

Getting sick or injured is part of the human condition. Since none of us is immune to the effects of disease or unexpected injuries, we can expect to deal with them at some point in our lives if we live long enough. And, even younger, seemingly healthy individuals can be seriously hurt in an accident or fall victim to cancer or other ailments that do not discriminate. When this occurs, Tennessee residents may need medical intervention; in some instances, this could mean long hospital stays or expensive surgeries, therapy, or medications. Paying for these interventions may not be the first thing on a patient's mind, but the costs will have to be dealt with sooner or later.

Statute of limitations to collect Tennessee medical bills?

The costs of medical care continue to rise in Tennessee and around the country. Although the rate of this rise in costs has decreased since the adoption of certain federal laws in the last decade, being treated for an injury or illness, especially a serious or chronic one, can be a very expensive proposition. Further, even those with health insurance can end up acquiring large amounts of medical debt, as low-premium plans with high deductibles and low co-insurance percentages continue to gain in popularity.

Outstanding medical debt can be absolved by filing for bankruptcy

Despite your own or your family's best efforts, medical emergencies can still happen. Whether this is due to an injury sustained in a sudden accident like a car accident or a work accident or a diagnosed illness - the medical bills can be substantial. Beyond immediate care, there are often costs associated with medication and rehabilitation that may leave the injured and their family with many out-of-pocket costs. All of these medical expenses can leave a family knee-deep in medical debt.

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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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