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Surviving medical debt in modern America

Medical bills are a regular part of life in a modern society. Sadly, the cost of medical care in America and subsequently the associated burden of financing that care has grown exponentially. In fact, according to the Centers for Disease Control and Prevention, approximately 20 percent of all Americans struggle to pay medical bills. Tennessee readers may find the following blog bankruptcy and medical expenses interesting.

When families find themselves struggling with medical debt there are things that they can do. First, readers should be aware that it's estimated that nearly one third of all medical bills contain billing errors. This is most common when a patient is in a hospital. Because of the propensity for billing errors it is essential that patients look closely at their bills to ensure that there are not mistakes. And, if there are billing discrepancies it is important to address them immediately.

Next, it is helpful to get medical bill payment terms in writing. Medical fees currently account for more than 50 percent of all bills sent to collections agencies and patients should know the exact terms of repayment. If possible, patients should avoid signing any repayment plan that has an acceleration clause. Such a clause will require the full payment of the debt if a single payment is missed.

Finally, if a patient is simply unable to meet their repayment obligations or negotiate a better repayment plan, bankruptcy is always an option. Choosing bankruptcy may be a better option than simply choosing to not pay the debt or ignore the creditor. If a person chooses the later and ignores the debt, the collection company may be able to secure a judgment against the debtor. This could result in serious financial penalties including wage garnishment.

Source: Fox Carolina, "Keep yourself and your bank account healthy," Andrew Housser, Nov. 8, 2013

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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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