Medical debt affects so many Americans. After suffering a serious injury or illness, it can be hard to pay the bills that will inevitably follow. In fact, more than 137 million Americans say they are struggling to pay their medical debt. According to a study published by the Journal of Internal Medicine, this many adults have faced some type of medical financial hardship in the past year.
When someone is sick or injured, it will often cause them to miss work or they may not be able to return to work ever again. Due to the loss of income and oftentimes the loss of insurance, the person will struggle to pay their medical bills when they become due. Their financial situations can get so out of control that many of these individuals are forced to dip into their retirement savings prior to reaching retirement age to pay off some of their bills. However, pulling savings early will only help so much, which is why so many consumers end up filing for personal bankruptcy as a result. It is reported that 66.5 percent of all personal bankruptcies are related to some type of medical debt.