Medical debt happens to be one major problem covering the USA region. For so many years now, it has been the number one reason for people to actually file for bankruptcy. The most common assumption over here is that people struggling financially might have been overspending in some areas of life as well. Lucky enough, bankruptcy might be one helpful solution for multiple people but it is not that easy for you to get out of it alone. However, filing for Chapter 7 of bankruptcy will allow the person in question to keep most of the property and rid themselves of the medical debt they are into.
As it is a known fact that majority of the Americans do not have the cash to cover their medical bills. So, they are mostly known to rack up the credit card spending or just visit any payday lender for blowing through the major savings. Bankruptcy happens to put an end to all. Plus, there will be an end to annoying creditors, who will stop calling you for the money repayment procedure. If you are thinking about going to bankruptcy, then you might want to think about it again! Sometimes, debt settlement ratings can be one major alternative in this regard. Check out some of the major facts associated with medical debt, which might come as a surprise to you.
On every capita, USA people spend more on health care per person than any other country
The USA is noted to spend over $90,000 per person on their health care. This might sound a bit of a good idea initially, but it is not if you think about it. Even after going through the high spending, the country does not have the best ever health outcomes over here. For example, the USA ranks at the 12th position in the current life expectancy among the over 12 wealthiest industrial-based countries over here. It shows that this amount might not be a good idea in this regard, after all.
Around 1 out of 10 adults delay medical care for monetary restraint
Some of the recent calculations have stated that around 1 out of 10 adults are reported to just delay or not even receive the medical care they want, mainly because of the higher costing level in the treatment. Well, the rates associated with the cost related accessing barrier happen to be lower than that in any of the other year during the period of around 1998 to 2015 for the lower-income people and those, who are well classified under the worse health care. Prescription drugs, dental care, and eyeglasses are some of the first things that people will watch out for just to ignore, because of the health costs and their rising effect on society.
Around $500 bucks of an unexpected medical bill are higher for so many people to pay
As per the Health Tracking Poll in the year 2017, around 45% of the Americans say they have quite a difficult time paying for the unexpected $500 medical billing sections. Around 19% of them would not be able to go for making the payment for it at all, not even some parts of it. On the other hand, around 20% of them would actually put it right on the credit card and just paying it over time. Others might day that they are in need to just borrow money from any friend, bank, family member or even the payday lender. If they fail to pay for the money they have borrowed, then they might get into big trouble even before knowing about it that well.
1 out of 5 working Americans with medical insurance has trouble paying off medical bills
According to the news flash from the NY Times survey, conducted in 2016, around 20% of the Americans even with their health insurances are finding it hard to pay for the medical bills. They are noted to have some of the serious financial challenges and those are actually changing the lifestyle and employment to a great extent. For the uninsured ones, the number has recently risen to 53%. Even though it is always clear that insurance helped people to make payments, but still, the medical bills happen to have a bigger influence and effect on the families. During some points, these health-based insurances are of no favor at all.
Over 60% of insured Americans with medical bills will blow them all savings to make payments
It is quite shocking from the survey available that people with some health insurance are making sacrifices even to this day to pay medical bills, which will go through the savings. Most people might take on an extra job or just work for more hours or borrow money from friends or family. Around 11% of them might even seek charity sessions as well.
Another set of 60% of people have problems paying medical bills by the collection agency in the past year
This segment goes for both people with or even without health insurance as per the NY Times survey. Around 55% of people with medical bills and insurance problems day they are getting by or do not have enough to just make the ends meet. Around one-third of all those medical bills are unable to just pay for the basic necessities like heat, food or housing.
Around 13 million fewer people will have medical bill problems today than what they did 5 years ago
As per the National Center for the Health Statistics, The people’s percentage under the age of 65 who were in the families having issues paying medical bills over a period of 12 months has decreased from the 21.3% to that of the 16.2% within the first 6 months of 2016. For people under the age group of 26 in 2016, there is a breakdown of those having trouble to pay the medical bills.
Just be sure to check out these statistics to be on the safer side before you finally address towards Chapter 7 bankruptcy to avoid medical bill payments.