Medical bills are the leading cause of bankruptcy

Nearly 67% of all personal bankruptcies in the U.S. are related to medical bills. This shocking percentage makes medical bills the leading cause of bankruptcy. Serious medical conditions can be extremely expensive, and Americans are unable to afford the cost—even if they have health insurance.

These medical expenses are often unforeseen and can cause the individual to go further into debt. Serious medical conditions may necessitate expensive medical care and a long recovery period.

Serious illnesses may cause lost wages due to time away from work. Because the person is not able to work during this time, they may go further into debt.

How can you prevent medical debt?

Medical expenses are often unavoidable but there are steps you can take to reduce medical bills. The first step is making sure that you have comprehensive insurance that will cover the care you need.

You may want to invest in better insurance if yours does not provide the coverage you need. A higher annual premium may provide you with lower copays and more care options.

If you stay with in-network providers and get pre-authorization before coverage, your claim is more likely to be covered.

Planning ahead may help reduce medical debt. Many financial planners recommend having an emergency fund with finances to cover three to six months of expenses. If you are starting to get behind on your medical bills, work with the hospital to make a payment plan.

If you already have more medical debt than you can handle, you can file for bankruptcy. Filing for bankruptcy may relieve stress and give you a fresh start. If you have questions regarding bankruptcy, legal counsel will be able to provide clarity and help you regain financial freedom.

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Get Our Help Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Cherry Hill Office
1060 North Kings Highway,Suite 333
Cherry Hill, NJ 08034

Toll Free: 800-759-0767
Phone: 856-254-2196
Fax: 856-414-1230
Map & Directions

Philadelphia Office
Suite 1505
1515 Market Street
Philadelphia, PA 19102

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Willingboro Office
200 Campbell Drive
Suite 103F
Willingboro, NJ 08046.

Toll Free: 800-759-0767
Phone: 856-254-2196
Map & Directions

Philadelphia Office
7909 Bustleton Avenue
Philadelphia, PA 19152

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions