Debt is avoidable. If we pay our mortgage each month and pay off our credit cards we can stay out of debt right? Well other circumstances can cause credit scores to drop, and we might not even be aware they exist, such as medical debt.
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.
Medical costs can add up alarmingly fast, often for only one medical emergency, and health insurance plans don't always cover costs. Medical bills are a major cause for bankruptcy for many Americans. A financial advisor has offered a few tips that may help Floridians to stay out of deep medical debt: