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Medical Debt Archives

What are some of the consequences of having medical debt?

An unexpected illness or accident can result in a Tennessee resident spending time with their doctors and not at work. As a result, a number of individuals who incur medical costs find themselves facing significant debt when their bills begin to arrive. According to a study on medical debt, the presence of such debt in a person's life can have serious and long-term consequences.

Helping you address medical debt problems

While we try to do everything in our power to stay healthy or overcome illnesses and ailments, we can still face many medical issues. The cost of healthcare is ever increasing, making it difficult for some patients to pay their bills right away. While payment plans are an option, when medical debt continues to grow because ongoing medical care is necessary, it can seem impossible to ever reach a point where their balance will return to zero.

Manage medical debt with the help of an attorney

Not long ago this Tennessee-based bankruptcy and debt relief blog posted an article about Americans' fears of incurring medical debt. The fear that some people experience is so high that they would actually prefer to deal with their medical problems on their own than to expose themselves to the incredibly high costs of health care in hospitals and other facilities. This can cause some who need the help of medical professionals to avoid seeking the care they need to heal their bodies and remedy their ailments.

Unpaid medical bills can grow over time through interest

One of the advantages of saving money in a managed account is that it may, though no work of the contributor, grow over time due in part to the application of interest to the included funds. Many financial institutions incentivize the use of their accounts by offering consumers attractive interest rates that may help their money grow. That is to say, by giving a bank one's money, a Tennessee consumer is effectively giving the bank a loan on which interest is paid by the institution.

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.

How much will it cost if I have to stay in the hospital?

Modern medicine can cure individuals of diseases that a generation ago claimed the lives of too many victims. Here in Tennessee, residents can visit some of the best doctors and hospitals in the country when health problems arise and pose threats to their wellbeing. Although opportunities for medical care and treatment are somewhat plentiful in the United States, paying for those services can be a challenge for many.

What events could trigger medical debt to get out of control?

When it comes to a person's health and well-being, few things matter more than keeping it in good standing. Health can take a turn in a hurry, whether from an accident injury, a sudden onset and diagnosis of a disease or other medical issue that needs attention. When this happens, it can have a domino-like affect on a person's finances. Thus, medical debt can become a big issue.

Study shows correlation between health and debt

There is a lot of attention put on the mantra of being healthy and living a healthy lifestyle. But beyond your health, how else could a person's life be impacted due to a healthy or unhealthy lifestyle? According to a new study, health and debt are negatively correlated. That is, the worse a person's health, the higher the chance of debt and bankruptcy. There are a few reasons for this, as concluded by the study conducted by researchers at the University of Georgia and the Federal Reserve Bank of Chicago.

Even those who have insurance can face crippling medical debt

Although the number of Chattanooga residents who don't have health insurance has dropped significantly since the passage of the Affordable Care Act, medical debt is still a problem for many residents. Medical debt can cause a family to suffer from emotional stress and financial strain.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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