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Medical debt continues to stress Americans

As previous posts in this blog have explained, medical debt is a serious concern for people in Fort Lauderdale, as well as the rest of the country. Having medical insurance is not necessarily the security blanket it might have been a few years ago. If you are one of the many people in the country without any health insurance, you may be even more worried. At The Law Offices of George Castrataro, P.A., we understand the stress you may feel if you are dealing with overwhelming medical debt, as well as debt of any kind.

You might consider credit card, home mortgage or student loan debt to be some of the most worrisome forms of debt in the country. However, a 2013 study by NerdWallet Health revealed unpaid medical bills as the top cause of personal bankruptcies in America – even more so than mortgage or credit card debt. How much does it help to have medical insurance? According to Fox Business, 78 percent of those who filed for bankruptcy had insurance at the time they filed.

The costs for an emergency hospital visit or treatment for a medical condition can soar, regardless of having health insurance. For example, your insurance may pay a large portion of your treatments for cancer, but out-of-pocket costs add up. These can include your yearly deductible, co-pays and prescriptions not covered by your insurance. You could also suffer financially in terms of travel expenses and lost wages.

Medical debt may be stressful, but there is always hope to get through your challenges. You may learn more about relieving your financial burden by visiting our bankruptcy page.

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