137 million Americans faced overwhelming medical accounts: how to pay everything and not go bankrupt - ForumDaily
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137 million Americans faced overwhelming medical accounts: how to pay everything and not go bankrupt

The study shows that 137 of millions of Americans faced financial difficulties in the 2018 year due to overwhelming medical bills. The bill for medical services has become the envelope that Americans are most afraid to open. Writes about this CNBC.

Фото: Depositphotos

Medical bill debt is the main reason people, regardless of age, have considered cashing out their 401 (k) bills or other retirement savings.

But even cashing out long-term savings often does not solve the problem. A separate study showed that 66,5% of bankruptcy cases are related to medical problems.

This is a problem that Bliss Butler knows too well.

59-year-old Butler, who lives near Oklahoma City, lost her job at a local museum in 2013. Since it was difficult for her to pay for COBRA medical benefits, she was left without insurance.

Then a few health problems arose. First, Butler had kidney stones, which required a trip to the emergency room and hospitalization, as well as a subsequent visit to the surgical center to remove the stone.

Then she broke her leg. Since there were still debts from previous medical bills, she did not go to an ambulance. But the operation was inevitable, and debt increased to 60 000 dollars.

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Later, Butler began to experience a rapid heartbeat, and she again went to the emergency room.

Today, Butler admits she doesn't know the total amount of all her medical debt. On individual accounts, the actual amount is $36 or $860,75.

According to Butler, it’s hard to understand what such bills are for and how much one actually owes.

The woman has already spent all 20 000 dollars that she has accumulated as retirement savings.

“I have never been a ‘burden to society,’” she said. — I've never received Medicaid. I've always worked to earn a living."

Most likely, now bankruptcy awaits her. This is after many years of work, savings and attempts to avoid debt.

“I don’t think my particular story is unique,” ​​Butler said. “There are a lot of people who are in the same position as me.”

Know your rights

The lack of transparency when it comes to medical bills has prompted Dr. Marty Makary, a professor of health policy and management at the Johns Hopkins School of Public Health and a surgeon at Johns Hopkins Hospital, to change the system. He is willing to volunteer to protect the interests of patients in court in the event that the hospital submits lawsuits for unpaid bills.

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“We have an irrational market where raising prices has become the accepted way of doing business,” said Macari, author of “The Price We Pay: What Broke American Health Care—and How to Fix It.”

Costs can vary widely: from 44 000 dollars for heart surgery in one hospital to 500 000 dollars for the same procedure in another. And studies have shown that this inequality does not reflect differences in the quality of care.

According to him, sites such as MDsave.com and Sesame.com allow consumers to compare prices.

Even in an emergency emergency, you can take some steps to protect your finances.

Agree on your debts

In case you are already burdened with huge bills, there are ways to solve this problem.

Makari said most accounts are negotiable before, during, and after treatment.

Dr. Carolyn McClanahan, founder and director of financial planning at Life Planning Partners in Jacksonville, Florida, says negotiation is the first step to take.

You need to make sure that everything in the account is correct and that you actually received all the services. If you still cannot afford to pay, check if the hospital or medical organization provides charitable services and if you have the right to use them.

If this does not work, ask if you will be able to schedule payments. According to McClanahan, in some hospitals you can divide your debt into small payments. In addition, some hospitals do not charge a percentage.

Before using a credit card, equity line of credit or your 401 (k), evaluate the risks and compare interest rates.

There is always a danger of taking 401 (k). If you leave or lose your job, the loan balance must be repaid immediately.

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In addition, if you are under the age of 59,5, you will face a fine of 10% for early withdrawals.

“There is an exception to this rule. If your medical bills are more than 7,5% of your adjusted gross income, you don't have to pay the 10% penalty, said Molly Passantino, senior retirement specialist at TD Ameritrade.

It is necessary to keep money on your retirement account as long as possible so that the percentage increases.

However, it must be recognized that many people have no choice when faced with huge medical bills.

“When someone is in treatment, they experience financial ruin,” Makary said. “We must think: “Do we care about a sick person if he comes to us without money?”

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