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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.

A recent study found that for many people the fear of incurring a medical bill that they cannot pay is worse than actually receiving a bad medical diagnosis. To state that alarming piece of information another way, more than half of the people surveyed on this topic claimed that they would be more comfortable with a poor medical diagnosis than they would be with receiving an overwhelming medical bill.

The fact is that Americans are afraid not only of getting sick but also with coming up with the cash to pay for their treatments and recovery. While saving and preparing for the unexpected are steps that all Tennessee residents should take to safeguard against crippling medical expenses, no one can predict the life altering and sometimes life-threatening diagnoses that are possible when a rare or serious health condition is diagnosed.

The problem of handling medical costs and debt are not unique to the uninsured but also impact individuals who hold health insurance policies. Health care costs have been on the rise for years and now many Americans are struggling to keep up with the costs of maintaining their well-being. Those that fall behind on their bills may face medical debt and may wish to seek support as they look for ways to remedy their delinquent financial obligations.

Source: fool.com, "More Than Half of Americans Fear Medical Bills as Much as Health Issues Themselves," Maurine Backman, Feb. 5, 2018

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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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