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Health insurance is one of the only ways to make modern medical care accessible. Without insurance, most people can’t afford prescription medication, surgery and other cutting-edge medical treatments. Unfortunately, the insurance companies do not necessarily act in the best interests of policyholders. Instead, they look for…
Medical debt remains a leading cause of personal bankruptcy in this country. One catastrophic injury or prolonged illness can leave an individual or family owing hundreds of thousands of dollars in medical bills. What people don’t often realize is that many of the people buried in…
People end up with high levels of medical debt for a variety of reasons. In some cases, the issue is a lack of insurance. Other times, people have insurance but require uncovered care, such as treatment at an out-of-network hospital. High coinsurance rates and large deductibles…
People file for bankruptcy for many different reasons. In some cases, a professional loses their job and cannot continue meeting their financial obligations. Other times, slowly growing credit card balances leave people unable to meet all of their financial obligations. Medical issues can also be the…
When you get medical care, it may be out of network. This is a definition that was made up by your insurance provider. Some medical institutions have contracts and agreements about service rates, so they are considered to be “in network.” Other institutions have no agreements…
Anyone who’s drowning in hospital bills won’t be surprised to learn that medical debt makes up the biggest percentage of debt facing many Americans. According to the Consumer Financial Protection Bureau (CFPB), over half of all third-party debt on Americans’ credit reports is medical debt. Did…
It’s well known that medical debt is one of the top reasons for bankruptcy in the United States. In other countries, citizens benefit from tax-funded healthcare, so they don’t have to privately pay for all of these expenses. But in the United States, the majority of…
The average person’s beliefs about bankruptcy are not as grounded in reality as one might think. A surprising number of people assume that irresponsible financial management is the leading cause of personal bankruptcy. They hear new stories about people carrying high levels of credit card debt…
People may choose to file bankruptcy for many different reasons, ranging from job loss to an unsuccessful attempt to start a small business. However, when looking at the most commonly-cited reasons for personal bankruptcy filings, one issue stands out more than most others. Medical debts are…
Hospitals and other healthcare providers often try to develop a brand based on competence and compassion. Patients expect that those treating their medical concerns will truly want them to be as healthy as possible. Many modern doctors now employ a more holistic approach to health and…
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