“Personal finance experts are always telling you that you must have health insurance to avoid a financial catastrophe. And we’re not wrong: Health insurance does keep more money in your pocket and get you access to better care, compared with going uninsured,” according to Investopedia.
“But our simple advice ignores a terrible problem: Many people who do have health insurance – good health insurance, at that – still find themselves in medical debt.”
- Charging Medical Bills to Credit Cards
- Skipping Checkups and Cutting Corners
- Getting a Serious Medical Diagnosis
- Paying Hidden Costs
- Encountering Opaque Pricing
(Read the article for descriptions of each.)
“These are just a few of the reasons why people with good health insurance can go into medical debt. Bad luck, denied claims, non-formulary prescriptions, huge cost discrepancies from one facility to another, chronic conditions and the astronomical price of COBRA premiums when you get laid off can also contribute. Even with an awareness of these problems in our current healthcare system, you may not be able to stay out of medical debt. But knowing how so many people find themselves in this situation may give you information that helps you at least reduce the extent of medical debt if it ever happens to you.”
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.