Did you know that over 79 million Americans struggle to pay medical bills ? That’s shocking! I was surfing the net today and ran across an article with the headline from statesman.com, "79 Million Americans Struggling To Pay Medical Bills". The story features a woman who reconnected with her high school sweetheart during middle age; but soon lost him to liver disease. She then went broke trying to pay her spouse’s medical bills. She …

Category: Medical Bills

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The cost of medical insurance has continued to rise, burdening both employers and workers. But as the economy worsens many experts are predicting that the cost of coverage could increase as much as 30 percent each year with many employers passing on the increased cost of health insurance to workers.  Many workers, especially those who are living on tight budgets, will choose to drop their coverage making …

Category: Bankruptcy , Managing Your Finances , Medical Bills

Tags: Health insurance Medicaid Medical Bills

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You have health insurance; but it’s not adequate cover and now you have $100,000 in medical bills, what should you do?

Millions of Americas with and without health insurance have filed bankruptcy because of medical debt. More than 62 percent of U.S. bankruptcies were caused medical debt.  Here a few tips on how to handle medical debt when it strikes:

If you are uninsured and are hit with medical debt, one of the first things you should do is inform the medical …

Category: Economy , Managing Your Finances , Medical Bills

Tags: Debt Health insurance Medicaid Medical Bills

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According to an article in the Dallas Morning News, medical debt can have a huge impact on a debtor’s credit score affecting their ability to obtain home loans, credit cards as well as the interest rate they’re offered. The article focuses on the story of Steve Smith who suffered a heart attack during a lapse in his health insurance.

The article said:

“When Steve Smith had a heart attack in 2006, the last thing on his mind was the …

Category: Credit Counseling , Medical Bills

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… of health care reform. Senate majority Leader Harry Reid made an interesting observation about how medical debt often influences a debtor’s decision to file for bankruptcy :

“In 2008, about 750,000 bankruptcies were filed. About 70 percent of those bankruptcies were filed because of health care costs. Eighty percent of the people who filed for bankruptcy because of health care costs had health insurance. America is the only country in the world where if you get sick or hurt, you’re …

Category: Bankruptcy , Economy , Medical Bills

Tags: Bankruptcy medical debt

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… things to come. The article features the story of a family that is strapped with over $100,000 in medical bills because their employer went bankrupt.

Jennifer Roberts was facing a cancer diagnosis; but since she and her husband were paying their medical insurance premiums they believed that the cancer treatment would be covered. But just to be on the safe side they checked with their employer who was in bankruptcy and with the health provider, who both gave the green light and assured …

Category: Medical Bills

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U.S. News has an informative article about how medical expenses are sending fully insured Americans into a financial tailspin.

U.S. News says: " Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000. And their health-care costs have put them in a financial hole."

$10,000 is a lot of money to have to shell out as a deductible for medical insurance. …

Category: Medical Bills

… of battle. His ex-wife accused him of hiding assets and Hulk Hogan claimed that he was drowning in medical debt. Here’s a snapshot of just what that battle looked like back in March:

Lawyers for Hulk Hogan filed documents requesting $300,000 of the his frozen assets. The hulkster had surgery on his back last month and said he is subsequently unable to work as a result. The documents claim Hogan’s bills eclipse $300,000 and he only has $411,000 in his bank account. Linda Bollea, his ex …

Category: Bankruptcy , Medical Bills

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According to an article in the Dallas Morning News, even if you have medical insurance and go to an “in-network” hospital, you could still end up with a ton of medical debt due to a practice called “balance billing.” In a nutshell, balance billing equals more medical debt for consumers who use “in-network” hospitals who in turn employ “out-of-network” medical staff. The medical professional may not have a contract with your insurer so they charge …

Category: Debt and Tax Relief , Economy , Medical Bills

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According to an article in the Star-Telegram, bankruptcy filings caused by medical debt are on the rise as the economy worsens and more Americans lose their jobs and by extension their medical insurance. The article features Tirra Jones, who recently filed Chapter 13 bankruptcy because of the stress and financial duress created by more than $200,000 in medical debt.

The article said:

“Last month, Jones filed for Chapter 13 bankruptcy protection, joining …

Category: Bankruptcy , Medical Bills

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… was 9.9 percent.”

Lack of health insurance is one of the leading causes of bankruptcy.  Medical debt is an outcome that most uninsured individuals simply cannot avoid.  Medical procedures for even the simplest problems such as a broken bone or food poisoning can quickly snowball into an avalanche of medical debt priced in the tens of thousands of dollars. According to leading analysts the vast majority of debtors who file bankruptcy cite medical debt as one of the main causes of …

Comment by Jacob Decker: Debt incurred for medical expenses is one of the most …

Category: Bankruptcy , Medical Bills , Unemployment - Job Loss

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… age of 65 in 2009 will need anywhere from $68,000 to $173,000 in their savings to cover additional medical expenses.  Because women live longer, they will need even higher savings at retirement.  A woman retiring at age 65 in 2009 will need somewhere between $98,000 and $242,000 to cover their out-of-pocket medical expenses.  The study is daunting, because many people are barely making their mortgage payments and covering their current bills with little left over to amass a significant …

Comment by Jacob Decker: … current on all her bills but she saw that the debt she was …

Category: Fort Worth Bankruptcy , Medical Bills , Unemployment - Job Loss

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