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Higher deductibles can lead to short term savings, long term debt

On Behalf of | Jan 14, 2014 | Medical Debt

As people struggle to find ways to reduce their household expenses and put more money into savings each month, they sometimes opt for health insurance plans with higher deductibles in an effort to save money on monthly premiums. As long as you and your family members remain in good health, this can lead to successful savings. If anyone that is covered by your plan suffers from an unexpected medical condition, however, it can lead to overwhelming medical debt.

People may be surprised at how much they are required to pay out-of-pocket even for a condition that requires a moderate amount of medical care. Even though many preventative services are now covered by insurance companies and there are new limits on how much a consumer can be required to pay for out-of-pocket medical expenses, consumers are paying more than ever for medical expenses. A report from Health Affairs indicates that out-of pocket expenses—which include things such as deductibles, prescription medication, copayments and other medical—increased by 3.5 percent in 2011 and 3.8 percent in 2012.

To make matters worse, those who need emergency medical care may find they are unable to work. This can make it even harder to pay your hospital bills and other medical expenses. Residents of Lane County who are trying to find debt relief from medical debt may want to speak with an attorney about bankruptcy options. There are ways to stop collection calls and find a fresh financial start, even with a mountain of medical bills.

Source:, “Americans paying bigger share of medical bills,” Jonnelle Marte, Jan. 9, 2014


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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 22 years.