Medical expenses can be crippling. But, there are several ways to deal with medical debt. Ignoring bills can only make the problem worse. Health care providers will collect on bills for a few months before the account is turned over to a collection agency. When that occurs, the debt is placed on credit reports, which can impair a person's ability to borrow money. There may be lawsuits which could lead to a judgment, wage garnishment or bank levy.
Medical debt continues to be one of the leading causes of personal bankruptcy in the United States. In fact, unpaid medical bills may be the biggest single factor in personal bankruptcy filings.
It is a belief among some in Tennessee that many of those who file for bankruptcy due to medical debt are older people. After all, younger people do not always face the medical catastrophes, such as heart attacks or cancer, that older people may experience. However, a recent study published in the journal, Health Affairs, reported that the opposite may be true.
Having a baby is an incredibly stressful time for an expectant Tennessee mother. While her concerns may surround her own health and that of her baby, she may also worry about retaining her career as a mom, earning an income that will support her and her family, and paying for the medical services that they will need when labor and delivery begin. The financial aspects of having a child are significant, and for some new mothers, debt becomes a problem shortly after they give birth.
For the most part, individuals in Tennessee and elsewhere care about their health. Unfortunately, costs associated with health care can get costly. And when the unexpected happens, such as an injury, illness or necessary surgery, these expenses can be overwhelming. Medical debt can create major financial hardships for individuals and families, requiring them to seek financial relief.
There are many events in life that individuals can successfully plan for. With consideration and time, some people can put enough money away to eventually leave their jobs and retire. Others may be able to save some cash so that they can help their kids or grandchildren through college. When money is tight, though, saving may be a luxury that may be unachievable.
Tennessee is known for many of its positive attributes. Nashville is a hub in the music world, and the state's natural beauty draws visitors from across the nation each year. However, despite the many great things that Chattanooga residents know about their home state, there is one fact that may both surprise and sadden them: Tennessee ranks first in the nation in medical debt bankruptcies.
Medical costs in the United States are astronomical and many Tennessee families struggle to pay their bills when hospitals, doctors, and practice groups send their invoices and statements. Whether their bills derive from unexpected medical emergencies or standard appointments and procedures, individuals can find themselves buried in debt from simply taking care of their health. For some, medical debt can be the reason that they choose to file for bankruptcy and seek other methods of eliminating their outstanding obligations.