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Reforms in report of medical debt beneficial to some, not all

With the extensive costs of health care treatment, many individuals in Oregon and elsewhere have experienced the strain of financial difficulties following a medical emergency. Significant amounts of medical debt can be a heavy burden, leaving many in need of relief. While recent changes to how such debts are reported to credit bureaus may help some, others may continue to struggle with monetary obligations, and a more long-term solution may be in order, such as filing for bankruptcy.

Perhaps one of the most challenging aspects of medical debt is the fact that a health care issue can spring up at any moment, and with the high cost of care, one procedure can leave an individual with an insurmountable amount of debt. Recent reforms have delayed the time between treatment and the listing of bills on one's credit report, and if a person's insurance company pays the bill, it will also be removed from his or her credit. However, for those who cannot afford to pay and for procedures that aren't covered by insurance, this may do little to solve the issue.

For those who don't benefit by these reforms, a medical emergency could still have a devastating impact on their credit. The challenges that one may face under similar circumstances can range anywhere from increases to insurance premiums to difficulty obtaining new lines of credit. These issues could create additional hardships, leaving many in search of available options for financial relief.

Constant collection calls and letters can add a significant amount of stress to one's everyday life. Those who face substantial amounts of medical debt may find it beneficial to seek guidance on the available options of relief from an experienced attorney. A bankruptcy attorney in Oregon can address a client's financial concerns and assist in pursuing the correct path for financial freedom.

Source: dailyherald.com, "New reforms change how medical debt gets reported to credit bureaus", Liz Weston, Sept. 10, 2017

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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 19 years.

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