A gig worker with a heart condition, a young mother with scleroderma and a retiree struggling with cancer. Although all three situations involve different people and different scenarios, they do have a couple of major factors in common: medical conditions leading to excessive medical debt.
A study from 2019 disclosed that two-thirds of all people who file for bankruptcy cite medical problems as a leading cause for their financial conundrum. The reasons dealt with the excessive costs of medical care as well as time away from work. The research disclosed that roughly 530,000 families file for bankruptcy each year because of medical conditions and the costs that come with them.
The study, published in the American Journal of Public Health, involved more than 900 Americans who filed for bankruptcy between 2013 and 2016. Researchers also discovered that health insurance often is not enough to protect them from a financial downward spiral.
Bankruptcy is a realistic and likely solution to your situation. However, before doing pursuing this route, here are a few things to do that may help your situation:
Medical debt may be overwhelming at times. Remember, though, that bankruptcy represents a workable solution that will help you erase medical debt and get back on financial track.