Medical debt remains a leading cause of personal bankruptcy in this country. One catastrophic injury or prolonged illness can leave an individual or family owing hundreds of thousands of dollars in medical bills. What people don’t often realize is that many of the...
Medical Debt
Medical debt can inspire financial headaches, including lawsuits
People end up with high levels of medical debt for a variety of reasons. In some cases, the issue is a lack of insurance. Other times, people have insurance but require uncovered care, such as treatment at an out-of-network hospital. High coinsurance rates and large...
3 reasons medical debt may push people into bankruptcy
People file for bankruptcy for many different reasons. In some cases, a professional loses their job and cannot continue meeting their financial obligations. Other times, slowly growing credit card balances leave people unable to meet all of their financial...
What does out of network mean?
When you get medical care, it may be out of network. This is a definition that was made up by your insurance provider. Some medical institutions have contracts and agreements about service rates, so they are considered to be “in network.” Other institutions have no...
Medical debt is “on track” to be removed from credit reports
Anyone who’s drowning in hospital bills won’t be surprised to learn that medical debt makes up the biggest percentage of debt facing many Americans. According to the Consumer Financial Protection Bureau (CFPB), over half of all third-party debt on Americans’ credit...
How much does surgery cost in the United States?
It’s well known that medical debt is one of the top reasons for bankruptcy in the United States. In other countries, citizens benefit from tax-funded healthcare, so they don’t have to privately pay for all of these expenses. But in the United States, the majority of...
Medical debt is the top-reported cause of bankruptcy filings
The average person's beliefs about bankruptcy are not as grounded in reality as one might think. A surprising number of people assume that irresponsible financial management is the leading cause of personal bankruptcy. They hear new stories about people carrying high...
How is medical debt handled in bankruptcy?
People may choose to file bankruptcy for many different reasons, ranging from job loss to an unsuccessful attempt to start a small business. However, when looking at the most commonly-cited reasons for personal bankruptcy filings, one issue stands out more than most...
Medical creditors can be some of the most aggressive
Hospitals and other healthcare providers often try to develop a brand based on competence and compassion. Patients expect that those treating their medical concerns will truly want them to be as healthy as possible. Many modern doctors now employ a more holistic...
Could unexpected medical care lead to bankruptcy?
What would happen if you suddenly needed medical care? Odds are you wouldn’t consider the financial side of it very seriously at all. You would just get the care that you needed, especially if it was life-saving or would provide you with a drastically higher quality...
