“Being sick is hard. But medical debt can make it feel completely overwhelming,” according to Your Tango.
Here are four things you need to know about medical debt:
1. Bankruptcy is on your record for many, many years.
“If you’re so overwhelmed with medical debt that you’re considering bankruptcy, then do your research! The Motley Fool and other sources report that bankruptcies are, in fact, the number one cause of bankruptcy filings in America. Bankruptcy affects your ability to get loans on cars, houses, and even rental properties. Plus, it costs attorney fees just to file.”
2. Not all health insurance is the same.
“Even with good insurance, you can end up with huge deductibles and a lot of money spent.”
3. Health issues are cheaper and easier to treat in the early stages.
“The earlier you catch most conditions, the cheaper it will be to treat and it will have less aggressive treatments.”
4. Don’t avoid those bills. Be proactive.
“We would recommend you call the different providers sending the bills and discuss payment arrangements. They don’t want you to get behind on your bills. They would like their money, but maybe the monthly amount they have calculated on the statement just won’t work for you right now. Arrange a workable payment schedule and then stay on top of it.”
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.