Healthcare in the United States operates on an insurance basis. While it may be tempting to think that this means people don’t rack up medical debt, the truth is actually very different. Medical debt is one of the most common causes of debt and bankruptcy in the country.
So, why, when individuals are insured, are they still finding themselves with mountains of medical debt?
Not all claims are accepted
You’ve chosen a medical insurance plan that seems to suit your needs. But you cannot really know this until you have to make a claim. Many claims are rejected, leaving the individual responsible for paying the bill, or at least part of it.
A simple technicality or argument from the insurance provider that the treatment you received was not necessary could result in your claim being rejected – sticking you with the bill.
Costs vary between institutions
If your health has deteriorated then the last thing on your mind will be to shop around for the best deal for treatment. Prices vary from one medical institution to another and your immediate options may be limited.
Your insurance might only cover so much of the cost, leaving you to find the rest. If this amount is out of your reach then you are going to end up in debt.
Health insurance isn’t free and even when you are covered, you can still end up paying for a significant portion of your treatment through co-pays, prescriptions and non-covered treatments. The stress of medical debt can also significantly impact your physical and emotional well-being.
Thankfully, you don’t have to face it on your own. Seeking some legal guidance will help you uncover different methods of getting your finances back under control.
