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Analysts predict new health care law won't improve medical debt

Many people in the United States, including in the Tampa area, have debt. However, not everyone in debt has is at fault. Sometimes, a person can end up in debt because of an unfortunate accident or injury that leaves them with large, unexpected medical bills. Although the Affordable Care Act (ACA) is supposed to help ease the burden of medical expenses, there may still be many people who wind up with high medical debt according to some new analysis.

According to a report in USA Today, although the ACA is designed to help people avoid overwhelming medical debt, many of the plan options still have the potential to leave Americans with high medical expenses and the potential of medical debt. According to the report, the leading cause of bankruptcy in the United States is medical debt.

One of the problems with the ACA is that although many of the plans contain lower limits on out-of-pocket expenses, those same plans also have high deductibles. According to many analysts, many people, especially those with chronic health problems will reach the maximum out-of-pocket amounts. That’s because even though the ACA covers preventative care many plans will still fully charge for the cost of visits for injury or illness until the deductible has been met.

If you have a large medical debt bill through no fault of your own and paying it off seems impossible, don’t give up. There are ways to get out of debt and get your finances back into order. Contacting an experienced bankruptcy attorney can be a very good step in the right direction in order to get out from under your medical debt.

 

Source: USA Today, “Medical debt will persist despite health law,” Jayne O’Donnell and Paul Overberg, Jan. 15, 2014

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