Different generations have been assigned different names to differentiate them from one another. For example, Tennessee residents who were born in the two decades following World War II may be considered Baby Boomers, while individuals born during the Civil Rights Era through the mid-1980’s fall into Generation X. The most recent generation to be named, the Millennials, is comprised of individuals born during the early to mid-1980’s through the first few years after the turn of the millennium. And, according to a recently published study, it is this generation that is suffering significantly from medical debt.
There are a number of reasons that Millennials may be burdened by medical expenses. One reason is that many of them may have recently lost their medical insurance coverage after being dropped by their parents. Generally, young adults who meet certain conditions may stay on their parents’ health insurance policies until they reach the age of 26.
Another reason may be that this segment of the population is struggling to find its financial footing, with many entry level jobs or internships not providing company-sponsored insurance or other benefits. They may also be shouldering heavy student loans from their college and post-graduate educations. In addition to these causes, young people can also suffer sudden and chronic illnesses that tax their health and finances to dangerous levels.
Anyone, regardless of their age, can suffer from the burden of medical debt. They may have options for resolving their debts, however, and those who have struggled can seek the counsel of debt relief legal professionals for case-specific information.
