Health insurance has been considered a "nice-to-have" thing for a long time. Until the Affordable Care Act came along such coverage was typically easiest for Tennessee residents to obtain through an employer. It even is considered to be a major selling point for businesses recruiting new hires. Having a job is great. Having a job with health care benefits is better.
The White House estimates that more than 7 million Americans now have health care coverage as a result of the Affordable Care Act. And of those, more than 80 percent qualified for tax credits intended to subsidize the costs of their premiums. But, as a story in The New York Times observes, that doesn't mean that health care is now more affordable.
It notes that many of the millions who have obtained insurance through the ACA market exchanges have policies that include huge deductibles that can be in the thousands of dollars for individuals and perhaps $10,000 or more for families.
The deductible amount has to be paid out of pocket before any insurance benefits begin. The implication is that many who have insurance still forego helpful doctor visits because of the cost.
Those with experience in the area of debt difficulty know that the cost of medical care is high. People are often motivated to put off seeking treatment until it becomes a necessity. Then it becomes even more expensive and even having insurance may not prevent an accumulation of bills that put you in a financial straight jacket.
Medical debt does not have to be a reason for that predicament. Among the possible remedies available may be relief through the protections of bankruptcy. To see if you can restore your financial health after suffering a physical health setback, contact our offices for a free consultation.