Health care is expensive, even for individuals with insurance. For some in Tennessee, just one unexpected medical event can lead to a barrage of bills that a person can never hope pay. Many Americans struggle with medical debt, and it is one of the leading causes of financial stress. The Consumer Financial Protections Bureau estimates that approximately 72 million people have medical debt.
The future is unpredictable, and medical emergencies can strike at any time. For many in Tennessee, unexpected injuries and serious illnesses can lead to significant medical debt, and they may not be able to keep up with the payments. Studies find that medical debt can be a problem for people who have insurance coverage and those who do not.
Tennessee residents are struggling with medical bills and insurance coverage in the same manner as their counterparts throughout the country. A shocking and demoralizing aspect of medical debt these days is that even if a person or family has medical insurance, he or she is likely to be burdened with surprise bills that are not covered by insurance. Many surgeons, for example, practice independently and don't recognize or participate in various major insurance plans.
Medical care is expensive, and many in Tennessee lack the savings and financial resources to deal with an emergency. Just one illness or injury can cause a person to spend his or her life savings to keep up with the bills that quickly accumulate after a hospital stay or visit to the emergency room. Even when people have insurance and steady income, medical debt is a reason why many have to file for bankruptcy protection.
A car accident, prolonged illness or other type of medical emergency can quickly wipe out a person's savings and lead to crippling and overwhelming bills. Many Americans carry medical debt, but for some, it can spiral out of control and lead to a financial crisis. There are a few ways by which a Tennessee consumer can handle this type of debt and seek a better financial future.
Medical care is expensive, even for people in Tennessee with health insurance. Even a minor procedure or one visit to the emergency room can result in crippling medical bills and overwhelming debt. It is common for people with some type of coverage to accumulate significant medical debt because of a chronic health condition, emergency health issue or surgery.
Visiting a medical facility for treatment can be an intimidating experience, and in some cases, it may also be unavoidable. Unfortunately, the high costs of care could place a person in Tennessee in a significant financial bind and leave him or her desperately searching for relief. While there might be options available for those facing overwhelming amounts of medical debt, some may be uncertain of how best to handle the situation.
The fear of the costs associated with an unexpected medical emergency is a concern for many individuals in Tennessee. However, while dealing with high amounts of debt can be a daunting process, even smaller amounts of medical debt can create an unfortunate situation. Recent studies suggest that when it comes to unpaid medical bills, individuals may receive collection notices on amounts as little as $200.
Getting sick, suffering an injury or simply getting older -- all of these are unavoidable aspects of being human. With the high cost of health care, medical debt may be an unavoidable part of being human, too. This particular economic strain can be devastating no matter what stage of life a person is in, but seems to be weighing particularly heavily on Tennessee's elderly population.
A medical emergency can take place without a moment's notice, and the costs of treatment can leave a person in Tennessee facing dire financial straits. Individuals who are left scrambling to cover financial obligations may feel as though a credit card may provide them with relief. However, using a credit card to pay for medical debt might not be advisable, and there might be other options that could help a person avoid a potentially disastrous situation.