As a matter of fact, not being able to afford medical bills is probably the number one reason Americans have to file bankruptcy. I know, I know, it's hard to believe that medical bills are the driving force behind most bankruptcy cases in the Land of the Free, but it's true. Many of you have seen my book in the waiting area of the office, or downloaded the eBook, but if you haven't, check it out. There is a section called "Americans cannot afford to be sick today," and I wrote that for good reason.
Look at it like this: A $2,000 deduction seems average, right? But what about when you spend a couple of days in the hospital? Add a copay and you're starting to panic, huh? Well if not, just wait until those bills go to collection.
I don't want to scare you, but sometimes these scenarios cannot be avoided. Most of us have been there, and when we find ourselves in collection with the harrassing phone calls, we often don't know what to do. The crazy thing is, according to this article medical debt even outshines credit card debt!
Don't have health insurance? Here is a link to an article that gives 6 helpful tips on how to afford the doctor without it. Listen though, I strongly urge you to do your research, know your options and get health insurance! For those times insurance just isn't a reality, try to apply most of these tips in your preventative plan. Remember, the name of the game is PREVENTION.
However, if you are to the point where you're avoiding harrassing phone calls, threats or facing wage garnishments (among other nightmarish scenarios), check out this article on how medical debt is treated in chapters 7 & 13 bankruptcies.
I want you guys to all remember why I am doing this series. I once was in your shoes. The impending doom of losing everything just loomed over my head and I realized I just couldn't bear the weight anymore. We all walk two paths at different times in our lives: the path of prevention or the path of correction. Either path you find yourself on, there is no judgment from us, no guilt trips and sometimes no easy answers. But one thing is for sure. You have got to start researching your situation and how to get out of it!
Next week in the series: credit card debt! Don't miss it