If you saw the title of this article and thought, “and in other news, we breathe air,” you aren’t alone. It’s no secret that medical bills have skyrocketed to unreasonable levels. Considering that millions of Americans are uninsured, the costs of a significant medical treatment can be devastating. With medical bills running higher than the price of a house, more and more people are escaping their creditors by filing bankruptcy. Let’s examine why and what can be done about it.
What Happens After Treatment?
When you suffer from a serious illness or injury, it follows that you’ll see doctors and be treated to the best of modern medicine’s ability. Unfortunately, modern medicine has a lot of problems. For one, it’s horrendously corrupt, and hospitals will renege on their negotiated prices with you. Also, hospitals will frequently charge you for treatments you didn’t receive, or even double charge you for the same treatment. A hospital will take any and every opportunity to wring more money out of you. In the end, it may be better just to file bankruptcy.
In some cases, bankruptcy isn’t just trying to get out of your responsibilities. If you have medical bills greater than your annual income, it could literally take you decades to get out from under them. The stress of having such debts coupled with the possibility of future medical problems and subsequent treatments can be too much to bear. So bankruptcy protection may be your best bet. Rebuilding your credit over the next decade can save you a lot of pain further down the line.
What can be Done About It?
For smaller bills, work with a lender like plaingreenloans. If you owe only a few hundred or a few thousand dollars, it may be beneficial to pay it down on a plan of some sort. Filing for bankruptcy should be something you do only after you’ve exhausted all the gentler options.
Medical treatments are insanely expensive. More and more people are filing for bankruptcy protection because their debts are simply too much to bear. While bankruptcy may be an option for you, you do have other options to consider. Think very carefully about your future and your ability to pay your debts before you take a drastic step. While medical bills are potentially damaging, sometimes the financial cure is worse than the disease of debt.