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Health care costs a major factor in bankruptcies

Whether insured or uninsured, it is not uncommon for people in Mississippi to struggle to pay costs associated with health care. In fact, the Kaiser Family Foundation indicated that medical debt is the single biggest reason that consumers in the United States seek debt relief from bankruptcy.

The problem of being medically underinsured

Regardless of what your political leanings are, you are likely aware that the Affordable Care Act has resulted in a great number of people in Mississippi and around the country having health insurance. While that may be positive in some ways, it certainly does not mean that health care has truly become affordable for everyone. The reality is that many people today continue to struggle with the high cost of health care even if they are insured.

The outlook of medical debt in america

Student loan debt is not the only type of debt that causes millions of Americans to struggle. According to recent studies, medical debt has skyrocketed for countless individuals -- to the point at which many avoid basic health care altogether. But sometimes crucial procedures are compromised. In addition to filing for bankruptcy, some patients experience added health issues as a result of financial crisis. Unfortunately, Mississippi is not exempt from these medical woes. 

Why does mississippi lead the nation in medical debt?

Millions of Americans are living with debt -- a debt that can accumulate and linger for decades. When it comes to medical debt specifically, Mississippi leads the rest of the country. Recent news highlights a growing trend in the state's medical debt, revealing that financial struggles affect some groups more than others. What is the cause of this imbalance, and what can be done to solve the issue that has hindered the wellbeing of so many?

Medical debt: an end in sight?

Surgeries often come with a variety of complications, including challenging physical therapy and alternative, doctor-ordered regimens. Yet millions of Americans also face medical debt post-surgery -- debt that can linger for years after a medical procedure. This type of financial predicament is no stranger to the state of Mississippi, which is known for having the highest medical debt in the country. While reasons why so many in the state are affected by overdue bills are complex, some experts point to limited insurance coverage and the debt that ultimately affects hospitals.   

New reporting rule will help with medical debt on credit reports

Medical debt can hurt almost as much as the condition causing it. As many as 43 million Americans have a medical bill in collections that has negatively affected their credit, according to the Consumer Financial Protection Bureau. The average amount in question was only $579, compared to $1,000 for non-medical debt. Even with the relatively low amounts at issue, the CFPB found that, for 15 million people, that medical debt was the only problem on their credit report.

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Pond Law Firm
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Jackson, MS 39216

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