The tide of medical debt continues to affect many families

On Behalf of | Dec 10, 2021 | Bankruptcy

There may be a variety of reasons for which many Tennessee residents may view the idea of visiting a medical facility for treatment as a daunting concept. With the extensive costs of care, even a trip to the hospital for a minor health concern could leave a person reeling once the bill comes due.

Unfortunately, such concerns remain common for many families, as studies suggest that nearly 33% of all adults carry some form of medical debt. Since similar issues could affect the financial stability of even those who carry health insurance, knowing how to mitigate the risks of medical debt could prove vital.

Mitigating the risks

While it might not always be possible to prevent a trip to the hospital from turning into a significant financial hurdle, there may be some ways to reduce the chances of falling prey to medical debt, such as:

  • Emergency savings fund: Building up a financial safety net could prove helpful during virtually any type of emergency and similar measures could keep a major expense from turning into a dire monetary circumstance.
  • Insurance concerns: Those who carry health insurance may also find it beneficial to review their coverage plans to address costs such as copays, as this may help provide insight on what to expect.
  • Be thorough with information: Prior to making payments on medical bills, it could also be helpful to review the information within, as any inaccuracies or discrepancies may only act to drive costs up significantly.
  • Additional financial options: Certain types of financial accounts may also provide tax or savings benefits when used for medical expenses and taking advantage of such options could prove helpful.

While these steps could help in certain scenarios, they might not always prove fruitful, or even possible. Those who struggle under the weight of medical debt may be left in search of advice on their available options for relief.

Protecting your financial future

While visiting the hospital for care could play an integral role in safeguarding your health, medical debts should not necessarily have to leave you feeling trapped in an overwhelming financial nightmare. High levels of medical debt could disrupt your life in various ways and make it difficult to pursue life goals. When similar issues arise, seeking insight on your available options could prove essential to helping place you in a better position in which to seek the relief required and approach the future with financial peace of mind.

Archives

FindLaw Network

Begin a free consultation:

our office location:

Richard Banks & Associates, P.C.

393 Broad Street Northwest
Cleveland, TN 37311
Toll Free: 866-596-8527
Phone: 423-244-0009
Fax: 423-478-1175

Image
Image