With the Affordable Care Act, or ACA, being put into place, many Tennessee residents may have been under the impression that medical expenses may be reduced. Unfortunately, it has been reported that medical debt can continue to be an issue for many individuals even under the new insurance programs. As a result, seeking debt relief may still be an undertaking that certain consumers wish to explore.
As many individuals who have looked into the new healthcare program know, there are different packages available at different prices depending on certain personal details. However, many of these packages even on the lowest levels can leave consumers with high deductibles that may not leave them with any true medical expense relief. As a result, paying for the medical care could potentially still be an issue.
The Affordable Care Act may be beneficial for putting caps on out-of-pocket spending for certain plans, but many individuals may still not have the necessary funds to reach the cap limit. While having health insurance could arguably be more beneficial than not having it, the financial situation can still be difficult for those of limited means. Therefore, looking into debt management options may still be an option.
Many individuals may have hoped that the new healthcare program would help with medical debt relief. However, the beneficial nature of the program could depend heavily on individual circumstances. As a result, those struggling with medical bills may wish to look into Tennessee laws that could help them determine whether bankruptcy or other debt management options could benefit their financial situation.
Source: USA Today, Medical debt will persist despite health law, Jayne O’Donnell and Paul Overberg, Jan. 15, 2014