According to a recent report released by the Centers for Disease Control and Prevention (CDC), one out of every four American families struggled with medical debt last year. Even more compelling is the fact that one out of every 10 individuals with medical debt is “unable to pay at all.” The typical American family of four had total healthcare costs exceeding $22,000 last year, which included out-of-pocket costs of $3,600.
The nation’s out-of-pocket healthcare costs for 2013 are estimated to have totaled $322 billion, representing a significant amount of debt. Millions of these medical accounts are sent to collection agencies annually. Medical bills comprise more than half of the accounts in collections, according to research by the Federal Reserve.
Families that had children under the age of 18 were more at risk of falling into financial trouble due to medical expenses, along with those families who were within 250 percent of the federal poverty level.
The report revealed that having a mixture of coverage types increased the chances of families falling victim to medical debt. For example, a family of four with two individuals on Medicaid and two individuals on private insurance had an increased risk.
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Medical bills can be financially devastating- even if you have health insurance and are employed. Filing for bankruptcy can eliminate your medical debt and give you a fresh financial start. If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
http://www.foxbusiness.com/personal-finance/2014/01/15/how-long-does-it-take-for-medical-debt-to-go-to-collections/
