Many people assume that credit card debts are the primary financial hardships that drives consumers into bankruptcy. However, recent evidence suggests that health care expenses is a more significant source of debt. Because many Americans lack health insurance, injury or illness result in massive medical debt. This medical debt can be devastating. According to one study, approximately 1.7 million people in the U.S. will file bankruptcy because of unpaid medical bills. While the Affordable Care Act was promoted as a solution, it’s still too early to say if it will help. If you’re facing crushing medical bill in Tulsa Oklahoma a medical Bankruptcy may be for you
Reasons For Medical Bankruptcy:
There are a number of reasons that medical expenses drive those suffering from illness or injury into bankruptcy. When parties suffer catastrophic injury or illness the medical expenses can easily reach hundreds of thousands of dollars. Few families have the financial resources to absorb such an expense if they do not have medical insurance. Even if patients have health insurance, certain types of treatment may not be coverable by insurance. Further, these are not the types of expenses that people anticipate. Catastrophic injuries and life-threatening disease can completely deprive families of household income.
Although its tempting to assume medical bankruptcy is a problem that only affects others, that’s not true. Millions of adults struggle with health related expenses. Approximately twenty percent of the adult population in the U.S. suffers with medial debt. The burden of paying medical expenses is so challenging that even those who have health coverage are not immune. The researchers who conducted this study found that approximately ten million adults with health insurance will incur medical expenses that they cannot afford to pay.
New Laws And Medical Bankruptcy:
While Obamacare may have addressed some of the problems that drive people into medical bankruptcy, such as barriers to coverage for pre-existing conditions and lifetime caps, we will have to see whether the purported reforms make the situation better or worse. Many individuals and families face the specter of higher deductibles and premiums so they may continue to be forced to pursue medical bankruptcy.
Contact a Tulsa Bankruptcy Attorney:
Contact us with questions about Medical Bankruptcy. We offer a free initial consultation. We can answer your question and evaluate solutions. We invite you to contact us at South Tulsa Bankruptcy Lawyers (918) 739-8984 or fill out this form today!