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Posts tagged "debt elimination"

Medical expenses a significant cause of bankruptcy filings

People in Tennessee and across the country can be affected by medical expenses without warning. Even if they have a good amount of insurance coverage, if there are medical bills for surgical procedures, a long stay in the hospital, as well as aftercare, there can be massive costs that people simply can't pay. This is not an isolated incident and a study has shown that almost two million people were forced to file for bankruptcy due to medical bills in 2013 alone. This made medical expenses the top reason for bankruptcy filings.

Medical bills may have less impact on credit score

Too many Tennesseans struggle with medical debt. An unexpected disease or an accident could leave an individual with unmanageable debt, leaving him or her concerned not only about his or her physical health, but also about his or her financial well-being. One aspect that may worry those who have medical bills is how the debt will affect their credit.

How can Tennesseans reduce their medical bills?

Even with the Affordable Care Act expanding health insurance to many who did not have it before, many Tennesseans still struggle with medical debt. The increasing costs of healthcare together with stagnated wages and a struggling job market leave several people one medical condition away from financial ruin. Unfortunately, this happens to many individuals. Yet, there are things that can be done in an attempt to reduce hospital bills and obtain debt elimination.

Medication causing unmanageable debt, bankruptcies

Many Americans struggle with their medical bills. In some cases an unexpected condition and/or operation leaves an individual or family with insurmountable debt, but medical bills can also rack up from prescription medication. These drugs, though many times helpful, can cost hundreds of dollars per pill, quickly hacking away at an individual's financial stability. In a matter of time, many of these individuals find themselves with unmanageable debt and fear for their financial future.

Medical debt leads amongst causes of personal bankruptcy

There is a hope that new health care reforms will reduce the amount of strain medical debt places on Americans - including here in Tennessee -- and similar state health care reform programs seem to be showing some promise. According to a Nerdwallet Health study from 2013, medical debt is the leading cause of personal bankruptcies in the U.S., exceeding credit card debt and mortgage debt as causes of personal bankruptcy.

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

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