The grave consequences of significant medical debt
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.
Mounting medical bills can be very stressful. A few missed payments can result in notices and past-due statements, and eventually, the account may be handed over to a debt collection company. A person who is already suffering from medical problems now has to deal with phones calls from creditors and other collection efforts.
One mother who lost her daughter to an unexpected medical problem wonders if her daughter’s medical bills led to stress that ultimately contributed to her death. In this case, the daughter did not have health insurance, and one blood clot landed her in significant debt that she was not able to pay. Over half of all debt in the United States is the result of medical bills. For some, it can help to try and set up a payment plan or negotiate a lower payments amount.
There are options available for Tennessee individuals who are struggling with medical debt. Through the process of consumer bankruptcy, a person can discharge certain types of unsecured debt. Any individual overwhelmed by past-due medical bills may want to explore the possibility of taking this step. A complete evaluation of the individual case can help a consumer understand the options available to him or her.