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Business & Commercial Law : Estate Planning & Litigation : Bankruptcy

Financial struggles for many center around medical debt

On Behalf of | Nov 25, 2020 | Bankruptcy

Many in Massachusetts and across the country struggle with the expenses associated with necessary health care needs. Medical care is expensive, even for those who have insurance. Deductibles are high, and many things are not covered by insurance. A patient could go home to exorbitant bills he or she may not be able to pay. Medical debt is one of the most common financial struggles for American families.

Studies find that around 33% of Americans have at least some medical debt. There is an estimated $45 billion in medical bills currently in collections. This incredibly high number illustrates how hard it is for average individuals to manage the bills associated with health care for emergencies, chronic illnesses, injuries and more. In fact, around one-quarter of those with outstanding medical debt say they have no hope of paying it back.

Depending on the nature of the medical need, health care bills can quickly add up to tens of thousands to hundreds of thousands of dollars. Most people cannot afford to pay this off in full, even after making payments over a long period of time. This is why bankruptcy makes sense in many of these situations. Estimates suggest that medical debt is the primary reason for approximately 66% of all bankruptcies.

Medical debt is a struggle for many Massachusetts families. Bankruptcy allows a way for an overwhelmed consumer to deal with certain balances, including health care bills. Speaking with a knowledgeable bankruptcy attorney can help one understand if this is a beneficial option for the individual situation.