Countless of Americans are being swallowed whole by unpaid debts. They owe debt collectors so much that they’re afraid to do simple things like answering their phones or walking out their front doors for fear of being served with the inevitable lawsuit.
The interesting thing about these debts is that they aren’t primarily composed of debt from credit cards, automobile loans, home loans or even loans period. They primarily consist of unpaid medical bills.
The prevalence of overwhelming medical debt becomes even clearer to understand when you have a grasp of who has such debts.
Who Does Medical Debt Affect the Most?
The statistics concerning unpaid medical debts can be extremely uncomfortable to realize. Unpaid medical expenses are so prevalent that one in five Americans between the ages of 19 and 64 will struggle to pay their medical bills.
While this means a little over 56 million people in the United States will have trouble paying their medical bills, only about 35 million will allow their bills to reach a state where a collection agency becomes involved.
Around 15 million of those Americans will use some or all of their hard-earned savings in an effort to pay off their medical debts. This leaves them with nothing to fall back on when they inevitably encounter more overwhelming expenses, as many medical problems tend to be chronic in nature.
Another 11 million Americans will take on some form of credit in an attempt to pay off their bills. A subset of this population will become unable to pay for the loans and credit cards they take out, which will result in collections contacting them too.
The most startling number, however, concerns the number of people who will be unable to pay for basic things like food, shelter, heat and clothing. Nearly 10 million Americans will be unable to afford such things solely due to high medical bills that they are unable to pay.
Why Are Medical Bills so Costly?
There are a number of reasons that medical bills can be so costly, but the three foremost reasons pertain to: the cost of equipment, the amount of time and money needed to train medical professionals, and the requirement of life-long medications to treat conditions like diabetes.
The unfortunate fact is that these costs are unavoidable for people whom understandably need the best treatment that can be provided to them. Imaging machines, expert doctors and medicines are all integral in treating conditions that would otherwise be life-threatening.
The problem is that hospitals, doctors and pharmaceutical companies all need to recoup the expenses that they require to make other people well once more. They may even need additional funds to cover the costly processes of researching new medicines and treatments, which is why many brand-name prescriptions cost so much.
Are You Facing Medical Debt?
If you’re one of the growing millions of Americans whom find themselves unable to pay overwhelming medical expenses, then there are still ways that you can afford to live a comfortable life without having debtors hound at your heels. Debt management and settlement programs may be able to help you out from under a mountain of medical bills.
To learn more about how these services can help you relieve the burden of debt, then contact Rescue One Financial.