Experiencing a medical emergency or having a chronic condition can not only impact one’s personal life, but it can also lead to financial issues. Medical debt can accrue quickly, and even when individuals have savings and insurance coverage, their bills can still prove overwhelming. As a result, many Louisiana residents may find themselves in need of some sort of debt relief.
In particular, individuals who land in the category of Generation X tend to have the highest amounts of medical debt. These parties are in the age range from late 30s to early 50s, and reports indicate that the average person of this generation has nearly $20,000 in medical debt. Individuals in the baby boomer generation tend to have more medical expenses, but the amount they owe is only a fraction of what Gen Xers owe.
Apparently, individuals in Gen X are not only plagued by medical debt. They also have more credit card debt than other generations. Certainly, life expenses can contribute to these debt accumulations, and individuals may be better able to contend with their medical debt in particular if they take the time to know what their insurance will cover and attend to medical issues before they become more serious.
Of course, even if parties do take steps to try to stay on top of medical debt, it can still deal a considerable financial blow. If Louisiana residents struggling with this type of situation are considering debt relief, they may wish to look into their bankruptcy options. Gaining information on the various forms of bankruptcy and how it could apply to particular situations may help individuals begin the journey to financial freedom.
Source: madison.com, “Guess Which Americans Have the Highest Levels of Medical Debt“, Maurie Backman, Feb. 18, 2018