Medical debt is an issue that millions of Americans face. It is one of the leading causes of financial instability and bankruptcy. People are often left with no choice other than to not have medical treatment or take on more debt than they can afford to pay back.
What are some of the top causes of medical debt in the U.S.?
The high cost of medicine
Medical procedures are not cheap. Even an appointment with an experienced doctor can cost several hundred dollars or more. Routine surgeries cost tens of thousands of dollars and more complex procedures can cost hundreds of thousands of dollars.
Even prescription medications come at a cost. In fact, the U.S. ranks among the highest in the world for medication costs. Some people rely on medication every day to treat chronic conditions. Over time, this can create serious financial hardship.
Insurance doesn’t cover everything
It is a common misconception that insurance covers all medical costs. Some policies are more comprehensive than others, and even comprehensive policies do not cover everything. Individuals are commonly left to pay the excess from treatments or even provide partial payment upfront for treatments.
Emergencies
Medical treatment often stems from emergencies. For example, if someone falls ill suddenly or gets into a car accident. This means that they have not had time to save or budget. Any type of unexpected expense can result in financial hardship, and this is especially the case for emergency medical treatments.
If you are struggling financially due to medical costs, you are not alone. By seeking legal guidance, you can come up with a plan to address the debts and get your finances back on track.