Of all the kinds of debt, medical debt is among the most shocking. When you go through an emergency, you’re focused on your health. You do what you have to do to be healthy again. You go without work and spend time focused on recovery.
Then, the bill comes. Medical bills can cost tens of thousands of dollars after only just a few days in a hospital. Even if you have insurance, you could face thousands of dollars in copays and out-of-network costs.
Millions of people struggle with medical debt in America
American families often face the harsh reality of heavy medical debt. Soaring health care costs result in bills that aren’t affordable, even when insurance is used, in some cases.
Did you know that the average person who enters into bankruptcy because of medical debt is around 44.9 years old? On top of that, around 19.5% of consumer credit reports do show that at least one medical bill has gone to collections. The average amount of a medical debt sent to collections is approximately $579.
It’s unfortunate that debt plays such a serious role in medical care in America because 21% of adults between the ages of 18 and 64 have avoided a medical test or treatment just because of cost. There is a real toll on human health when medical care costs so much.
Fortunately, 53% of patients were able to resolve bills with payment plans. Others increased credit card debt, took on an extra job or went without the necessities just to cover their debts.
Medical debt is a real problem. If you’re struggling, bankruptcy could be one way to get out of debt and back to financial security.
