There’s another culprit in the debacle that is soaring medical debt in America: Deductibles.
Noam N. Levey of the Los Angeles Times writes: “Soaring deductibles and medical bills are pushing millions of American families to the breaking point, fueling an affordability crisis that is pulling in middle-class households with health insurance as well as the poor and uninsured.”
“In the last 12 years, annual deductibles in job-based health plans have nearly quadrupled and now average more than $1,300.”
The post continues: “Yet Americans’ savings are not keeping pace, data show. And more than four in 10 workers enrolled in a high-deductible plan report they don’t have enough savings to cover the deductible.”
“One in six Americans who get insurance through their jobs say they’ve had to make “difficult sacrifices” to pay for healthcare in the last year, including cutting back on food, moving in with friends or family, or taking extra jobs. And one in five say healthcare costs have eaten up all or most of their savings.”
Medical Debt Podcast
What can be done about it? Listen to our podcast with three people who have solutions.
That’s the subject of the conversation and a new book, End Medical Debt: Curing America’s $1 Trillion Unpayable Healthcare Debt.
The book is an extraordinary exploration of not only how this problem evolved, but also how it brings down the individuals and families burdened with unpayable debt. The authors explain how the system works or, more often than not, doesn’t work. They also offer their own views on how we can get out.
The authors come from wildly different perspectives, all in the business or healthcare field. Jerry Ashton brings more than 40 years of experience in the credit and collections industry. Robert Goff spent an equal amount of time in the healthcare industry itself. Craig Antico is a financial industry leader in collections, debt buying, outsourcing, and consulting. They are the cofounders of RIP Medical Debt, which locates, buys, and forgives medical debt on behalf of individual donors, philanthropists, and organizations who provide financial relief for people burdened by unpayed and unpayable medical bills.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.