Royal Palm Beach Bankruptcy Law Firm

Medical Bill Debt Problems? – Royal Palm Beach Bankruptcy Law Firm

Medical Bill Debt Problems?

Royal Palm Beach Bankruptcy Law Firm

It is common knowledge that medical debt can overwhelm those with low incomes or the uninsured or underinsured. However, it may be a bit startling to realize the rising costs of premiums and copays also can overwhelm an increasingly higher number of middle income and self-employed Americans, thereby shaking many families sense of financial security.

A poll conducted last year by the New York Times and the Kaiser Foundation showed approximately 20 percent of those younger than 65 reportedly had issues paying their medical bills over the past year. While that is lower than the 53 percent of those without insurance, it still was significant.

Of those struggling, the survey showed 63 percent had used most or all of their savings and 42 percent took on an extra job or worked more hours. Some had to make even more dramatic changes like moving in with a roommate or searching for charity, leaving their financial security behind.

In many cases, although more people are insured with the advent of the Affordable Care Act, many of the plans have adjusted to covering more people by decreasing benefits and some things that used to be covered are no longer covered in the same way they were before. In addition, rising deductibles and co-pays combined with the penalty mandate are squeezing the pocket books of many healthy Americans, self-employed, small businesses, and middle income individuals.

In many instances, working directly with the hospital or provider can help you reduce your bill and make things more manageable. If this is not feasible, as is often the case, bankruptcy may be the best alternative.

Both Chapter 7 and Chapter 13 bankruptcy can offer relief from overwhelming medical debts in different ways. Chapter 7 bankruptcy eliminates debts like medical debt, while Chapter 13 bankruptcy helps you create a payment plan to pay back what the court deems you can reasonable afford over a reasonable period of time.

If you are struggling with medical debt and unsure what your next step should be, you may want to contact a West Palm Beach bankruptcy attorney who can discuss your options with you.

Call today 561-899-8184 and find out how we can help you.

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