It is indicated in a Gallup survey that half of the U.S. citizens worries about the fact that they can be driven to medical bankruptcy in case of a medical event. This is a 5% rise in the number of Americans that expressed similar fears a year earlier. Young Americans aged between 18 to 29 and people other than whites showed an even bigger rise in concerns. This rise is not a surprise for most analysts though. The pricing involved in medical care just looks like increasing all the time. To make matters worse the advent of the COVID-19 pandemic has made people edgy with worry about landing in a hospital and being on a respirator. Very few people can afford the costs involved in the treatment of COVID-19 and even the insured people may find it tough to handle.
Widespread medical debts
Another survey conducted by UPI found out that most of the U.S. citizens are aware of at least a single person struggling with medical debts. Approximately one in seven people has someone living in the house with medical debt. The number of people having distant relatives with debts is likely to be significantly higher. These long-term medical debts can be mostly found in people that earn less than $40,000 every year. Around 28% of these households carry medical debt in comparison with 6% of households earning $1, 00,000 every year.
Fewer resources for covering the emergency
Various respondents to the survey lacked confidence in their capability to cover for medical emergencies. More than 25% of people admitted that they will be forced to borrow from someone to pay a medical bill of $500 and above. Others said that they will pay for medical expenses by using a credit card and carry the debts. Florida residents must develop an emergency fund just because of these reasons. Several people having insurance carry massive deductibles in the excess of $5000 in several cases. Therefore people need a lot of resources to cover for medical emergencies without getting a loan.
Nothing to fear in medical bankruptcy
When you have medical bills that cannot be paid there is only one option that the hospitals will tell you about and that is medical bankruptcy. You will need to file for chapter 7 protection that can eliminate all the medical debts. But, keep in mind that you can file for chapter 7 just once every 8 years. It means that you must not file for chapter 7 until you are finished with the necessary medical treatment. Most fears about medical emergencies are mostly overblown as found out by several people. Rebuilding your credit may take a lot of time but it is something many people have achieved. With the years rolling by the negative effects of medical bankruptcy start to reduce and it becomes to get car loans or other kinds of loans. Many such people have received offers for personal loans and credit cards immediately after filing for a medical emergency.
Implications of COVID-19 pandemic
With a sharp rise in healthcare costs in the U.S., the problems faced by Americans before the COVID-19 pandemic has only become compounded as newer challenges are being presented by the pandemic. During recent months 14% of U.S. citizens having COVID-19 symptoms have reported that they are avoiding the necessary health care due to the costs involved. More than 80% of the people expressed concern about rising drug costs because of the coronavirus pandemic.
The bankruptcy attorneys working at the Weller Legal Group have helped many clients in the Clearwater, FL area to eliminate debt and take charge of their lives. You can also confidentially discuss your problem. Call them now to schedule a consultation regarding medical bankruptcy.
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