The Affordable Care Act was supposed to make healthcare more affordable in the United States, but some experts believe it’s doing exactly the opposite for many people. They are now in greater danger of having medical debt than ever.
One reason this is happening is that many plans have very high deductibles, so even someone with coverage could still owe far more than they can afford to pay. Out-of-pocket costs on these plans can also be high. While the people are covered, that doesn’t mean their expenses are really taken care of.
Additionally, some of the networks that can be used with the plans are really narrow. This means that working with specialists and other doctors outside of that scope is more expensive. However, with narrow networks, the odds of needing someone outside of it go up.
As a result, medical debt is huge in the United States. In fact, according to the Consumer Financial Protection Bureau, 52 percent of the the reports about debt going to collections are related to medical debt. People often talk about the dangers of credit cards, but there’s much more medical debt.
Because this debt, collections agencies are taking all sorts of steps. They are putting liens on the homes of those who needed medical help or garnishing their wages. Financial troubles can mount in a hurry, especially for someone who may be injured and out of work after a medical procedure.
If you find yourself in this position in Florida, make sure that you know about your legal options, including bankruptcy, to take control of your debt.
Source: Forbes, “Unaffordable Health Care: Financial Roulette,” Richard Eisenberg, Nov. 17, 2015