Medical care is expensive, and it only takes one emergency, accident or unexpected illness to end up in serious debt. Tennessee readers who are dealing with medical bills that they cannot pay may feel alone, but they shouldn't. Many people across the country are facing past-due medical bills, and as a result, they are struggling with additional financial complications.
Even with insurance coverage, people who need certain types of care will almost certainly have to pay some out of pocket. It's expensive, and it can quickly lead to a person having to drain his or her savings just to stay ahead. Fortunately, there are different options by which a person can deal with this type of debt and secure a better financial future.
A serious financial issue
Medical debt is a serious problem, and many people are facing the prospect of eventually running out of money and staying ahead of the bills that just keep coming. Estimates suggests that as many as 25 percent of Americans have medical debt they cannot pay. Ten percent of senior adults, many of whom have little income and no job prospects, also have unpaid medical debt.
Before you write your case off as hopeless, it may help to consider all of the ways you can look to resolve this problem and eventually reclaim your financial stability. Some ways you can deal with your medical debt include the following:
- In some cases, care providers are willing to negotiate with you. You may be able to secure lower payments or an affordable lump-sum payment.
- When going in to get medical treatment, do not be afraid to ask your doctor about potential lower-cost treatment options.
- Make sure you know what your insurance covers, and fight for the full amount of benefits to which you deserve.
It is beneficial to carefully consider all options before making a choice that will impact your financial well-being and your security for the future.
The benefits of bankruptcy
One way to confront your medical debt is to file for bankruptcy. Through this option, you may be able to deal with your debt once and for all. Medical debt is eligible for discharge in consumer bankruptcy, and you may want to learn how this option could be the best choice for your unique situation. When it comes to your financial future, you do not want to leave any valid options on the table.