When it comes to medical insurance, many people may be skeptical about what policies might actually be helpful. Unfortunately, medical debt continues to plague many households and further adds to their difficult financial situations. As a result, many families may need to look into debt management options, such as Chapter 13 bankruptcy, that could potentially help them get out from under their financial burden.
The Affordable Care Act has been received with mixed emotions across Tennessee and the rest of the country. It has been noted that even with this insurance program in place, many individuals will continue to face medical debt. Many people may believe that it is the uninsured that have the most debt issues when it comes to medical costs, but many parties who do have medical insurance plans also face debt issues.
Insurance often does not cover medical expenses in their entirety, and balances left over can cause considerable problems for patients who must pay them. Costs of medication, co-pays and even travel expenses used to receive treatment can create a significant financial problem. Many individuals may not know where to turn in order to seek help for their monetary issues.
Luckily, there are options available that could help concerned parties get their financial situations under better control. Chapter 13 and other bankruptcy options may be viable routes for those who feel consumed with their debt. Such options can help create pathways for a more stable financial future, and Tennessee residents may wish to determine whether their circumstances could be helped by taking such a step.
Source: Fox Business, Medical Bankruptcies are Still a Problem, Here’s What to Expect, Donna Fuscaldo, Feb. 18, 2014