Being on the receiving end of a hefty medical bill can be an overwhelming experience for many people in Tennessee. Medical care is something that often times cannot be put off. But the worry as to whether or not such care is affordable is real for many people.
When dealing with financial struggles in Tennessee, people are often forced to pick and choose what to spend their money on. Unfortunately, a new study found that for many, that means cutting down on medical care. According to the Atlantic, problems with paying for medical debt plagues over 25 percent of households.
Facing large medical bills can be very stressful for those in Davidson when they do not have the means to pay them. That is why some people turn to crowdfunding websites to try to raise money to help them pay their debt. However, a recent study has shown that crowdfunding may not be the best option, as the success rate is fairly low.
Being pushed further into debt because of health problems can be one of the most hopeless situations to be in. Mounting medical bills are often accompanied by a loss of pay due to the inability to work. While many people blame the economy in Tennessee, health care and doctor’s fees, there are several facts that are not well-known.
While you may be aware of financial identity theft, where someone uses your personal information to open new credit accounts and quickly runs up unpaid balances, you may not be aware of medical identity theft, a growing problem which can have a negative effect on people in Tennessee.
When you are overwhelmed by medical debt in Tennessee, you may feel like there is no hope of ever paying off your financial obligations. Medical debt is a common problem in this country. In fact, TIME Magazine reports that 26 percent of adults have some kind of money troubles that are related to health care. That is why some people have turned to crowdfunding as a way to raise money to pay off their debts.
Receiving that first phone call or message from a collection agency can send your mind into a tailspin and make you feel like you're drowning. Living on a budget, managing bill payments, trying to stay afloat and all while working to do so is a struggle that most of us know too well.
The cost of medical services is a source of concern for many Tennessee residents. High insurance premiums, large out-of-pocket expenses and unexpected bills all put a strain on people’s wallets. Therefore, it may be distressing to hear that the costs of medical care are rising at an alarming rate.
In most situations, it is probably not in your best interest to put any charges for medical care on your credit card. The only exception would be if it is a small amount or it is for something routine like a copay and you know you will be able to pay it off right away. Medical debt is somewhat unique compared to other kinds of debt and you can most likely find another solution without having to rely on credit.
When many Tennessee patients receive a bill from their doctor, they likely pay it without examining it too closely. If the funds are not immediately available, the bill may end up going on a credit card and driving a patient into debt. However, NBC News reports that medical billing errors may occur at a rate as high as 80 percent. Therefore, consumers would be wise to review their bills before submitting any payments.