Is Filing Medical Bankruptcy My Only Choice?

A recent study was published in the American Journal of Medicine about bankruptcy and medical bills

. The key findings were as follows:

Over 60% of bankruptcies are medically related, i.e. medical bills are a major contributing factor to their bankruptcy filing.

Approximately 75% of people filing medical bankruptcy had some type of insurance coverage.

The majority of people facing bankruptcy and medical bills are middle class homeowners.

You may wonder how this is possible don't we pay for health insurance to prevent filing medical bankruptcy? Unfortunately, the reality is that health insurance just doesn't cover everything. And if you are suffering from a long term or chronic illness, you may find yourself quickly overwhelmed with medical expenses. There are a couple of reasons for this:

1. Illness leads to loss of income. While there are laws in place to protect your job if you are ill, many people still lose income due to illness. Many even lose their job, and subsequently their insurance coverage leading to bankruptcy and medical bills.

2. Insurance doesn't cover everything. There are a surprising number of conditions and treatments that fall into coverage gaps. Additionally, there are charges like copays and coinsurance fees that can quickly add up.

Before you consider filing medical bankruptcy, keep in mind that you may have options. Many hospitals and health care providers will work with you to ensure that they get paid. They may offer payment plans, discounted rates or free care based on income. However, if you have already reached a point where your medical bills have gone to collections and you are being harassed for payment, it may be time to take further action. A bankruptcy attorney can advise you on bankruptcy and medical bills and take you through the process of filing medical bankruptcy. They can also give you their expertise about the best plan based on your specific situation.

Is Filing Medical Bankruptcy My Only Choice?

By: chang carlin

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