Medical debt is undoubtedly a huge problem that the people of the United States face constantly. People from the other parts of the world are also drowning in medical debt. This is considered to be the primary reason as to why most of the people start filing for bankruptcy. There is a common assumption that the people who are struggling financially are huge spenders and they have been spending recklessly in various areas of their respective lives. However, bankruptcy is also considered to be an extremely helpful solution for a number of people. Bankruptcy not only allows a person to escape debt, but it also assists people to keep a maximum of the property and get rid of the medical debt, and various other kinds of debt like the unsecured debt, bills of the credit card, as well as the personal loans.
It is extremely important that you have a proper idea about the facts that are associated with medical debt. Given below is a list of the facts that you should know about.
The United States is known to spend more on the health care of each and every person in comparison to other countries
Most people are not aware of this but the US is known to spend almost $9,000 on each and every person for their healthcare. It is true that initially this is not going to sound nice and it definitely is not, because even though people are spending a huge amount of money for their treatments, the best and ideal health outcomes are not something that the US has. You should also know that the United States is known to rank 12th in the life expectancy in comparison to the twelve industrialized and wealthy countries.
Most of the adults tend to delay medical care
Almost one out of the ten adults is reported to delay their medical care or they prefer not to receive any medical treatment because of the huge amount of money that they have to spend. However, the costs that are associated with the health-related conditions used to be low during the period of 1998 to 2014 for the people who do not have a proper income as well as the people who had the worst possible health condition. Eyeglasses, prescription drugs, and gentle care were undoubtedly the first and primary things that people started giving up as a result of the associated health costs.
Medical bills of $500 is a lot to pay for a number of people
In accordance with the Health Tracking Poll of Kaiser, 2017, almost 45% of Americans mentioned that they had a difficult time in clearing a medical bill that amounted to $500. In fact, 19% of the people would not be able to pay the money and 20% would prefer putting the money on their credit cards and make the payments with time. The others revealed that in order to clear all the medical bills, they would have to take loans from friends, family members, payday lenders, or banks. To know more about loans and debts, you can visit reputed websites like https://www.libertylending.com/.
One out of five Americans who are working and have health insurance face trouble when clearing all the medical bills
In accordance with www.natlbankruptcy.com, 20% of the Americans who have health insurances, and are trying to pay all the medical bills, are known to face great financial challenges. Due to these challenges, they even face changes in their lifestyle as well as employment. For the people who do not have medical insurance, the numbers rise to 53%. It is true that a medical insurance can help people when it comes to making payments, but it undoubtedly had a negative impact on the families.
Almost 60% of the Americans who had a medical insurance are unable to save any money
People who have a health insurance can still make a certain level of sacrifice for paying all the medical bills, including breaking through the savings that they have made over all the years. A number of people also preferred taking extra jobs or try to work more than normal. They also take loans from their family and friends. 11% of people prefer seeking the help of charitable organizations.
Collection agencies contact 60% of those people who face problems in paying the medical bills
This is for the people who have and do not have the health insurances. Almost 55% of people with problems related to the medical bills and insurance reveal that they do not have enough amount of money to make all the ends meet. One-third of these people were also not able to pay for their basic necessities like housing, heat, and food.
Almost 13 million people have fewer medical problems currently
People, who were below the age of 65 years and had issues regarding the medical bills for over a year, started decreasing from 56.5 million to 43.8 million. People who had problems in clearing the medical bills included, 28.5% people who were uninsured, 21.1% of people who had a public coverage, and 12.6% people having private coverage.
Almost 7% of the adults who struggle with the medical bills have already declared bankruptcy
It has been discovered that almost 7% of the people started declaring bankruptcy as a result of the costs of healthcare that kept on increasing. 20% people revealed that they were taking out loans and it was extremely difficult for them to pay off the withstanding debts, and 23% of the people started piling on the credit card debts.
The cost of medical treatment has increased to such an extent that people are finding it extremely difficult to spend money and stay healthy. It has also been discovered that many people prefer not to trouble their families by mentioning that they have severe health issues. People who are not exactly well off; have to break their savings account in order to clear the medical bills, which is deeply disturbing. Hence you should save money and be extremely careful about where and when you are spending it.