Perhaps the worst part of medical debt is its ability to strike at any time through an unexpected illness or accident. Medical debt doesn’t pick favorites either; nearly 1 in 4 adults in America has at least one or more chronic health conditions according to the Center for Disease Control and Prevention. Chronic illnesses require consistent and ongoing monitoring from health care professionals which can cause medical debt to accumulate at a feverous pace.
Health Insurance Can’t Prevent Medical Debt
While health insurance can be instrumental in avoiding financial catastrophe, often times, it’s just not enough to have “good” health insurance. If you’re like many Americans, you believe that having health insurance will prevent acquiring medical debt. However, out of the roughly 25% of adults who reported having trouble paying medical debt, well over half of them had some form of health insurance.
How to Eliminate Medical Debt
Eliminating medical debt is, thankfully, easier to deal with than some other forms of consumer debt. If you are serious in eliminating your medical debt a good place to start is to know the repercussions of unpaid medical bills, examining those medical bills for errors, and working to negotiate with the hospital or doctor’s office billing department.
While these measures should be observed anytime you acquire medical debt, they often can’ help you truly get rid of the debt by any other means than paying out of pocket. However, for individuals that do have a chronic illness or disability that has caused them to take on enormous amounts of medical debt, filing bankruptcy may be the perfect solution to permanently eliminate up to 100% of your medical bills.
Contact a Bankruptcy Attorney for Help
Bankruptcy has long standing financial and personal implications and so should be entered into with a strong plan and only after having weighed the advantages and disadvantages carefully. Consulting a a Dallas bankruptcy lawyer is your first step to discovering if a medical debt bankruptcy is the best option for your financial situation. An experienced bankruptcy lawyer will be able to provide sound legal advice about your debt and how you can best eliminate medical debt.