One of the biggest threats to financial stability for American families and individuals is medical debt. High doctor bills can come out of nowhere as the result of an unexpected accident or illness. The financial burden of medical care can also be a daily problem for those with prescription medications or chronic conditions. Whether you’re insured or not, medical debt can pile up quickly, generally when you least expect it. Even insurance doesn’t cover as much as it used to, and healthcare costs have been rising faster than inflation.
Clearpoint had the privilege of working with the Kaiser Family Foundation on a recent medical study and found that even those with insurance are particularly vulnerable to medical costs. Here are some additional facts and statistics from the study:
Now, what can you do to manage medical debt and be better prepared for future expenses? Here are some ideas and strategies to consider:
If you’re facing large medical bills, or if you’ve run up credit card debt paying them, turn to the professionals at a nonprofit credit counseling agency, like Clearpoint, for objective, seasoned advice. Credit card debt is eligible for a debt management plan (DMP), and Clearpoint can also provide help with medical bills via thorough budget counseling. Our counselors will show you where to cut costs and will teach you how to pay off debt in full.
Get started online or call 800.750.2227 (CCCS) to schedule a credit counseling session.
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