In last week's post, this blog discussed how residents of the Detroit metro area and other Michiganders can handle medical expenses. The first step, as last week's post mentioned, is for a person to look over the bill and contact the business that sent it. Medical bills are often inaccurate, such as in cases in which the provider didn't bill insurance properly.
An unexpected accident or sudden illness can impose a host of difficult challenges on the life of a Livonia resident. Not only must the affected individual find a way to overcome the health problems that he has suddenly contracted but he must also manage the many costs and expenses that are necessary for his life. Mortgages, car payments and other fixed costs do not cease when a person is medically disabled.
A recent post on this blog discussed how more and more people in Michigan and throughout the country are being forced to file for bankruptcy in order to get debt relief from overwhelming medical bills. Many Michigan residents who have had to have an expensive medical procedure may currently be wondering how on earth they will be able to make ends meet.
Given the financial troubles that many people in Michigan are experiencing, filing for bankruptcy is often a method they will use to try to obtain debt relief. While some have financial difficulties due to losing a job or mistakenly overspending, one of the most common reasons for bankruptcy is the accumulation of medical expenses when there is an injury or illness.
Monetary burdens caused by skyrocketing medical costs are affecting Americans all across the country -- Michigan included. Unlike a car loan or a mortgage, where the price and terms are known beforehand, medical costs are often unknown until after treatment has already been provided. Whether a huge sum or relatively small amount, medical debt that goes unpaid can have long-term financial consequences, including lowering a person’s credit rating.
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.
A new study from a United States think tank suggests that credit card debt, mortgages and other forms of debt pale in comparison to medical bills as a motivator for bankruptcy filings. Indeed, the number one cause of personal bankruptcy in Michigan and elsewhere in the nation is medical debt. Thankfully, those who file are in a position to restructure that debt in order to get back on top.
It should come as no surprise to many Americans that contracting a disease like cancer can mean fundamental changes to one's fiscal landscape. In fact, it has been suggested that people in Michigan and elsewhere suffering from cancer may find themselves in considerably more financial distress than is average for their age groups. However, there are many possible steps that can be taken to help alleviate those financial burdens, including the possibility of filing for bankruptcy.
When the economy falters and unemployment rates are slow to recover, many Americans face growing levels of consumer debt. For families who are confronted with an unexpected illness or injury, medical debt can quickly overwhelm the ability to pay, and lead to a serious financial state from which it can be impossible to recover. One group has set out to inform the public about debt issues, and the role that health insurance plays in keeping many in Michigan and elsewhere saddled with high levels of medical debt.
As we age, it is a statistical reality that our health care needs will increase at the same time that our earning potential declines due to retirement and other factors. This can leave many Michigan residents, even those who have carefully planned for retirement, in a financial bind. As health care costs continue to rise, insurance coverage has not necessarily kept pace with the true cost of medical treatment. Unfortunately, many older Americans find themselves in serious debt as they enter their retirement years, leaving some scrambling for debt relief options.