For individuals in Oregon and elsewhere who are closing in on retirement age, having a plan in place for the future may be essential. However, planning for certain events, such as a medical emergency, could prove exceedingly challenging. Medical bills continue to be an issue for many individuals who have been forced to endure a similar situation, and the high costs of medical treatment could leave some in search of financial relief.
A person may experience monetary hardships under a variety of circumstances. However, medical debts are one of the leading causes of similar issues, perhaps especially for individuals who are entering the golden years. Since a medical emergency is generally an unexpected incident, planning for it can be a daunting task, and even a minor procedure could leave an individual with a seemingly insurmountable amount of debt.
Individuals who are approaching this period of life may already be living on a fixed budget and might not possess enough savings to cover an emergency. In addition, dipping into retirement savings to cover even a partial amount of medical expenses could prove disastrous. This may even be a concern for those who carry medical insurance, as high deductibles and limited coverage amounts could do little to lessen the financial load.
Individuals who are suffering due to extensive medical bills may wish to explore the available options for relief, but they might be somewhat intimidated by the process. By speaking with a bankruptcy attorney, an individual in Oregon could obtain advice on making informed decisions regarding his or her financial future. An attorney can examine a client’s financial situation and provide advice on how to pursue relief from debts through the necessary outlets.
Source: fool.com, “More Retirees Than Ever Are Filing for Bankruptcy — Here’s Why“, Katie Brockman, Dec. 16, 2017