Medical treatment is rarely an elective purchase, and it can keep you from covering other basic costs of living. Insurmountable expenses stemming from treatment can hit you hard, but you could follow in the footsteps left by hundreds of thousands of Americans who go down the same path every year.
Two-thirds of Americans are declaring bankruptcy because of medical costs. The high bills that come with treatment and the lack of income that accompanies missing work causes around 530,000 families to file every year. If medical expenses are becoming too much for you to handle, bankruptcy has the potential to deliver you from that debt.
A big part of the problem is rising rates. The price tag of healthcare has been on the rise, with no sign of slowing down. The average out-of-pocket cost for care rose 11% in 2017 alone, with more than half of individual costs coming in above $500. Amplify this with inadequate healthcare and lack of savings, and you’ve got a recipe for disaster. An economic report from the Federal Reserve said that it would only take an unexpected expense of $400 to render 35% of adults in the U.S. unable to meet their monthly bill payments.
Once you reach the point where it’s hard to stay afloat, you might consider joining the half a million Americans who file every year looking for protection from medical costs. Chapter 7 bankruptcy could offer a solution to your financial issues depending on your assets and what classifications of debt you hold.
If you’re struggling with finances because of growing medical concerns, you’re not alone. Watch where the crowd is heading, and you could have your answer on how to deal with your monetary worries.