Often we’ve discussed the problem of insurmountable medical debt in this blog. Health care has become so problematic for people in Oregon as well as the rest of the country, that it’s been a hot topic for reform for many years. Even now after the Affordable Care Act, many people have been struggling to manage their medical debt.
Many things can lead a person to have a debt level higher than he or she is able to successfully manage. A job layoff or termination or a divorce are among some of the most common reasons that create such a situation. When an unexpected medical condition arises, the medical bills can mount fast, leaving the patient with a whole new crisis on top of the health concern that created the medical expenses to start with. In order to get a fresh start, some people may consider a Chapter 7 bankruptcy if no other option is available.
High levels of unmanageable debt can be challenging for many Oregonians. Such situations can arise from temporary unemployment, medical expenses that are incurred from an unexpected medical condition or other factors that can happen to anyone, anytime. Even if all medical debt or other debt is sufficiently paid back, consumers can still be plagued by the effects of the debt for some time to come. Some consumers may not even be aware of such problems.
Debt struggles are nothing new to Oregon families. Certainly the economic challenges of recent years have exacerbated many of the experiences for some people but these types of challenges have always and will always exist. Medical debt, lack of employment, divorce, deaths or other factors can all contribute to a person’s inability to make ends meet. Many options can exist to help people get back on their feet but identifying the right one can be difficult at times.
Whether or not there is a recession or a vibrant, healthy economy, individual consumers can still be left struggling with bills and looking for debt elimination options. In Oregon and around the country, people are still unable to work and many face large medical expenses that are difficult to pay in full. These may be hospital bills, therapy costs or more. No matter the reason for the expenses, the challenge of paying them is all too real for some residents.
While news stories in all various media report on the growing rebound of our nation’s economy, many Oregonians and their counterparts in other states continue to struggle financially. Loss of employment, divorce and medical expenses are just some of the top concerns that leave people still looking for help to what can feel like unmanageable debt and situations.
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.
We recently talked about a study that found that 65 to 70 percent of people who will file for bankruptcy this year will do so because of extreme medical debt. The rising cost of health care is causing a huge financial burden for many people in Oregon and across the country. Even people with health insurance are looking for relief from medical debt.
When it comes to healthcare costs, some people in Oregon mistakenly believe that health insurance will protect them from medical debt. Unfortunately, this is not always the case. Life is full of surprises, and even people with medical coverage can find themselves with overwhelming debt.