Whether someone is unable to work after suffering an injury or simply cannot afford to pay their medical expenses, there are many reasons why people have unmanageable medical debt. Unfortunately, for some people in Tampa and throughout Florida, medical bills can make a physical condition even more difficult to deal with. People who are going through this firsthand should explore every debt relief option and remain committed to working towards a successful outcome. After all, debt can become even more difficult to tackle over time and it is imperative to get started right away.
There are many reasons why people throughout the United States end up struggling with unbearable medical debt. For some, an unexpected medical condition or emergency requires them to take on unmanageable debt, while others face costly medical expenses because of a health condition they have been dealing with for years or are unable to work and can no longer cover their hospital bills. Unfortunately, people find themselves in this position far too often in Tampa, Florida, and across the country. At the law firm of Timothy J. Sierra, we understand the numerous obstacles that people who are in this position typically face and extend a helping hand to those who are going through this firsthand.
When a patient goes to the hospital for a procedure they are aware that there will be cost and payments due for the medical attention they have received. These patients are usually able to sort out the cost of their medical bills due to insurance or payment plans. However, what patients do not put into account are the unexpected medical costs that are added on to medical bills, this is what sends patients into debt. More than 63% of Americans receive medical bills higher than what they expected after medical treatment.
There are all kinds of debt that people get into, including credit card debt, mortgage debt and school loan debt. No debt is good and for many people debt can lead to long-term financial problems, including foreclosures and even bankruptcy. There is another kind of debt that often gets overlooked, but it can be just as serious for anyone in the Tampa area, as any other kind debt. That is medical debt.
Just about anyone who owns a home has mortgage debt. Likewise, many people have monthly car payments and just about everyone who owns a credit card has thousands of dollars in credit card debt. However, there is another growing debt problem in America, including in Tampa, which more and more people are encountering.
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.
These days, everyone knows the cost of medical care is through the roof. Last year, about 32 million Americans spent at least 10 percent of their income on medical expenses that weren’t covered by insurance. Deductibles and co-payments are getting higher all the time, having doubled within the past ten years. Being responsible for more out-of-pocket expenses is hard for every Florida resident, but faced with smaller incomes and increasing medical needs, it’s impacting retired people the most.
With the many different types financial difficulties Floridians have to contend with, such as foreclosures, credit card debt, student loans, and unemployment, it’s really no surprise that problems paying medical bills are just another aspect to the problem. Many people in the state have issues with overwhelming medical debt. A recent survey has released numbers that show the true depth of the problem.