Medical costs remain at the top when it comes to debts that burden consumers. In 2016, 43 million American adults - 20 percent of the population - dealt with out-of-control healthcare-related debts negatively affecting their credit.
As the health insurance marketplace is open once again, you might find yourself re-evaluating your plan for 2017. You're likely checking the provider's list twice to ensure that the care you receive is both trusted and close to home.
Take a quick look around the internet and it's obvious that the top reason for bankruptcy continues to be medical expenses. Insurmountable medical bills lead to nearly 2 million people filing for bankruptcy in the U.S. each year, accounting for about 62 percent of personal bankruptcies, whether it's Chapter 7 or Chapter 13.
Facing the struggles that can come along with significant debt can be difficult for anyone to handle, especially alone. This type of financial issue may be even more disheartening to think about if the individual is facing medical debt. Procedures and treatments are often expensive, and it is not unusual for individuals across the country, including in Ohio, to have outstanding balances for some time after they have recovered.
Learning that an individual has cancer can be a dreaded situation for any Ohio resident. Even if a patient survives such an illness, the effects of the disease can plague that person for years, in physical and financial aspects. Medical debt can lead many individuals who have suffered from health issues to seek debt relief options, and bankruptcy may be a path worth considering.
Medical emergencies can arise at any point, and individuals may be faced with considerable expenses in order to be treated for illnesses or injuries. When these expenses come about, parties may not always be able to immediately pay those expenses, even with the help of insurance. As a result, medical debt could cause individuals to face financial hardships that could seem overwhelming.
Facing a medical emergency is often a dread of many Ohio residents. They may fear for their health, and they may also worry about how they would pay for the bills associated with the emergency. Medical debt can come about quickly, and though some individuals may be able to plan for certain medical procedures, emergencies may not always allow that step.
To some individuals, medical expenses may be considered a necessary evil that must be paid. However, there are some Ohio residents who may be more greatly affected by these expenses and have difficulty paying off their bills. Medical debt can create a tough financial situation for individuals who have accumulated a considerable amount of medical expenses.
Many Ohio residents may feel that they have a handle on their finances. Unfortunately, unexpected expenses can sometimes arise that may put that stability at risk. Medical debt is often an issue that can lead to many individuals facing thousands of dollars in debt that they may be uncertain how to handle. Luckily, there are debt relief options.
Medical bills are a reality of life for many people in Ohio, but if they are paid on time, they may not become a recurring problem. However, a medical bill that goes into collections may wreak havoc on a credit score. A study by the Consumer Financial Protection Bureau found that medical bills tend to hurt a consumer's credit reports more than they should. The study suggests that those whose credit scores were negatively affected by unpaid medical bills paid other financial obligations in a way that was comparable to those whose credit ratings were 10 points higher. Thus, the CFPB determined that a person's failure to pay a medical bill on time did not equate to an increased likelihood of missing other payments.