Steps to avoiding serious medical debt
A medical emergency can upend a person’s financial stability in a matter of a few days or weeks. One unexpected hospital stay or accident can lead to medical bills that can quickly outpace a Tennessee consumer’s ability to keep up, resulting in overwhelming amounts of medical debt. This type of debt is one of the leading sources of financial hardship and bankruptcy filings across the country.
Medical bills can be a problem even for people who have adequate medical coverage. One reason for this is because people are often unclear about which care providers are in network and what their insurance plan actually covers. One way to avoid surprise bills and overwhelming debt is to be clear on the exact terms of the insurance policy. Around 45% of Americans state they believe that one medical emergency would be enough to seriously compromise their financial well-being.
Another way to avoid medical bills is to set aside money to cover potential expenses in the future. By having an emergency savings account, a visit to the emergency room or unplanned dental surgery does not have to send a Tennessee patient into a financial tailspin. With a little planning, it may be possible to avoid incurring a significant amount of debt due to medical bills.
Medical debt is a serious financial issue affecting thousands of people. One option for people who are completely overwhelmed by this type of unsecured debt is to file for bankruptcy protection. This process can allow people to move forward with their lives and emerge from the process to a better and stronger financial future.