A Statistical Glimpse Into The Scenario Of Medical Debt

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According to a study recently conducted, out of every three persons, one is said to have difficulties in clearing his medical bill. The statistical accounts highlight such a situation where people are found experiencing this difficulty for the past one year. There are cases, where the sufferers are totally unsuccessful in clearing the medical dues. When you cannot afford to clear the hospital related dues; the prospect gives rise to medical debt. People generally tend to think that if you have the insurance support, you are unlikely to go into the debt trap, though you still may have difficulty clearing the bill.

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The contributory factors

In most cases, medical debts relate to a situation where people have to provide for their medical expenses from what they have earned. The spectacle is something like this. You know that you don’t have a health insurance coverage plan. So, you have to shells out money from your pocket to clear the dues. Then, it may so happen that you are compelled to share the cost of medical bills along with other deductibles. The fact that you have to share the bills may put you in a debt-prone scenario. There is one more factor that makes you vulnerable to medical debt. The factor relates to the high premium rates of the health insurance package.

A grim spectacle

Medical debt is not a problem, by itself. It has large numbers of socio-psychological repercussions. The financial consequences are severe. If you have huge piles of medical bills that you can ill afford to pay; then the prospect may prevent you from accessing further health care. Things may come to such a pass that you will find yourself in the grip of bankruptcy. You will have problem providing for your housing bills and catering to the daily necessities. By and by, and with the passage of time, the debt will increase on your credit card.

A noteworthy point

As said previously, you may think that insurance serves as a shield of protection, and prevents you from getting into a debt-prone situation. But if you visit here, you will see the difference. That’s because, as per the statistical analysis, taken across a group of twenty-four people, only three individuals didn’t have the support of the insurance plans. Most of the debt stricken individuals had the support of the job-centric insurance plans. Near about two individuals had the protection of the non-group based insurance policies. The reviewers who were taking the statistic were quick to notice the following fact.

The facts to note

Amongst twenty-four persons interviewed, two ended up losing their health insurance coverage because they couldn’t afford to pay the high rates of premium. It doesn’t need to be said that both the individuals were the victim of the medical debt. The statistical survey drives home the fact that almost anyone can be affected by a health-related debt. It may be a sudden illness or an accident; no matter what the cause is; if you are not ready to pay, or make the ends meet, you will find yourself in a stressful situation. In some of the stray cases, the victims didn’t know how to provide for the pregnancy-related expenses.