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Experts warn against replacing medical debt with other debts

Medical debt is quickly replacing all other forms of the debt as the primary source of financial struggles for families in Cuyahoga Falls and throughout the rest of the U.S. Many may wonder how is it that so many can be without health insurance in today’s day-and-age. Yet surprisingly, many of those who struggle with medical debt do have insurance. So, one may be left to wonder how those with insurance can still end up struggling to afford their medical care.

Too many people with health insurance incorrectly believe that they needn’t worry about medical expenses. Yet what’s often forgotten is the amount they must pay in copayments or payments towards their deductibles before they can expect 100% coverage. Many financial experts have also pointed to the growing propensity for patients to pay for their portions of their medical bills with credit cards. While this may settle the medical expenses, it still leaves them owing on their credit cards. In essence, they’re basically trading one debt for another (typically with a higher interest rate).

In order to avoid these struggles, those experts recommend not being afraid to ask for help when resolving outstanding medical debt. This help may include a financial hardship waiver, or an extended payment plan. Even on large balances, a payment plan is often the best option, as medical debt often won’t be reported to one’s credit unless payments are missed.

Of course, there will be scenarios when one’s medical debts will be simply too high for one to resolve on his or her own. Should this be the case, he or she may wish to contact a bankruptcy attorney to see if filing for bankruptcy may be his or her best debt relief option.

Source: WWBT “On Your Side Alert: New Study on Medical Debt” Gray Hall, Apr. 04, 2014

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