The rising costs of healthcare have left many people in Salem, both insured and uninsured, with little chance to realistically afford their medical bills. If you feel as though you are drowning in medical debt, you may wonder how many others are in your same situation. One way for you to understand the struggle that others have in affording their medical bills in comparison to yours may be to evaluate medical bankruptcy data cross the U.S.
Outstanding medical bills have become the principle cause of personal bankruptcy, according to NerdWallet. While there may be a number of reasons supporting this fact, the high cost of quality care coupled with the movement of many insurers to offer more high-deductible health plans no doubt ranks chief among them. These two factors may be viewed as the principle reasons why NerdWallet’s data shows that those between the ages of 35-54 report are responsible for more bankruptcy filings than any other demographic.
That particular age group boasts the greatest number of average residents per household. This translates to more people relying on a single source of income to cover their medical expenses. At the same time, this group is typically reliant on private insurance carriers whose shift towards high deductibles leaves them owing more out of pocket. This essentially leaves them underinsured. The fact that the over 65 demographic ranks among the lowest in filing for medical bankruptcy seems to reaffirm this fact. Despite this age group requiring more medical care, on average, than any other, its members typically have the most insurance coverage.
While the review of these facts should not be viewed as a legal opinion hoping to influence you into a certain course of action, it may help in clarifying why meeting your medical expenses may be so difficult.
