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Medical debt continues to be major concern for American consumers

| Feb 21, 2020 | Uncategorized |

Even with insurance, health care can leave patients with expensive medical bills they may not be able to manage. In fact, medical bills are one of the most common financial problems faced by many in Louisiana and across the United States. Statistics indicate that as many as 32% of Americans have medical debt, and a large portion of these individuals are unable to keep up with these balances.

When asked about their medical bills, around 28% with outstanding medical debt say they owe balances of $10,000 or more. Over half say they have defaulted on their medical bills. These numbers indicate that the cost of health care can be overwhelming, even for working families and those who have decent health care coverage. In many cases, bills result from procedures or things not covered by the insurance plan. Additionally, the average cost of deductibles continues to rise.

On average, Americans spend around $5,000 out of pocket on health care and medical needs each year. These expenses are often related to prescriptions, medical supplies and the cost of insurance. Over the last year, the overall cost of health care rose by almost 5%, taking a toll on many hardworking Louisiana families.

The percentage of people who have defaulted on their health care bills indicates that medical debt is a serious concern for many. These balances can quickly accumulate and wipe out savings, and it can also impact the ability to pay for other financial obligations. When facing these overwhelming balances, it may be helpful to consider the benefit of filing for bankruptcy. This option allows consumers to deal with certain types of unsecured debt, including medical bills.

Facing Overwhelming Debt?