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Medical debt on the rise

For many people facing long-term illnesses or conditions requiring special treatment, medical bills are a frustrating reality. But medical debt can be difficult to discharge as out-of-pocket expenses mount for Michigan residents and Americans across the nation. Thankfully, several options are available for those in need to help mitigate debt, including consolidation and personal bankruptcy filings.

Much has been made of Medicare spending in the last several years, and the conversation has not been lost on the federal government. This has moved to increase patient co-payments on medical insurance in order to combat rising Medicare prices. Additionally, premiums are on the rise, particularly for those of retirement age.

The statistics are quite frankly disturbing: in 2003, only 18 million Americans were spending in excess of 10 percent of their income on out-of-pocket medical expenses. Last year, those numbers had increased to 32 million. Deductibles have also doubled in the last ten years, up to over $1,000 from approximately $500. While there is no way to avoid the rising cost of health care, options are available for those feeling the squeeze.

Medical conditions are challenging enough without having to worry about the cost of out-of-pocket treatment. For those Michigan residents laboring under the yoke of high premiums and deductibles pushing them farther into debt, it may be wise to seek assistance in developing a comprehensive debt management plan. From consolidation to filing for personal bankruptcy, there are many ways to help mitigate or discharge outstanding debt, helping to get individuals back to both physical and fiscal health.

Source: triblive.com, "Rising medical costs burdening consumers more than ever," Alex Nixon, July 11, 2013