Medical debt is one of the most common types of debt in the country. As readers in Washington may be aware, medical debt is one of the most common types of debt. After an illness or a sudden accident, many people find themselves unable to pay off the amount left after all insurance money has been exhausted. As a result, some former patients and families could face bankruptcy when the situation becomes unmanageable.
However, some recently proposed changes could bring some positive change to the system. Patients currently have the ability to negotiate with hospitals on charges or work out payment plans, but a new system may make this system easier and more fair. These will be industry-wide standards could make it easier on Washington residents who currently face overwhelming medical debt.
It is not specifically clear what these changes will be, but patients will be relieved to see any change that will make it easier to escape medical debt faster. In fact, it is estimated that 75 million Americans are struggling with this particular type of debt. Because of the increasing costs of health care, more employees are responsible for paying off expenses from health care that are not covered by insurance.
It is no secret that medical debt is a problem for consumers. When this type of debt becomes unmanageable, it may be important for patients to actively determine how these new changes could be beneficial or explore options for a payment plan. Additionally, when any type of debt becomes unmanageable, bankruptcy is a valid option for debt relief and financial regrouping.
Source: The Columbus Dispatch, , Linda A. Johnson, Feb. 16, 2014