Medical debt in the US has always been a problem, but the COVID-19 pandemic has increased this debt exponentially. Over this last year, medical debt increased by 9%.
Do you need help with medical bills? You’re not the only one. Medical bills cause many Americans to fall into debt, several filing for bankruptcy. Unfortunately, it seems like health insurance only helps so much.
How did we get to this point? This is a question that many people are asking. We will try to answer this question and will also explain the importance of getting charities to help pay for medical bills.
It’s a Spiral Down Effect
What came first, the surprise medical bills or the debt? For most, their medical bills alone didn’t cause their debt. However, the struggle to pay medical bills caused a spiral down effect of financial distress, forcing many people to go into debt.
Here are common results of high medical bills:
- Can’t afford essential medicines and medical services, only to have terrible and expensive health consequences
- Can’t afford necessities like groceries
- Employer benefits and medical insurance often aren’t up to par with medical needs
- Can’t afford home repairs or even necessities such as utilities
- Struggle to provide for the family
- Have to sell possessions in order to get by
- Lost the house
- Have to cut back on hobbies, passions, and other activities
For some, medical bills interfere with their lifestyle. For others, medical bills interfere with their livelihood.
Americans Have to Make Sacrifices to Pay Medical Bills
In order to pay for medical bills, many Americans have to make sacrifices. That’s because their medical bills caused dire changes to their financial situations. At the absolutely worst, people can’t afford the essentials to survive.
Other situations, such as losing employment, can interfere with the ability to pay medical bills. This causes people to spend their savings in order to pay their medical bills and get by. At the worst, some rack up a credit card or take out a loan in order to pay for essentials.
Even if one still has employment, many still have to put off essential house projects and vacations in order to reduce their medical debt. Some people even get second jobs in order to pay off their debt.
People Are Trying to Help
Charities help people access basic necessities such as food and clothing, cover certain childcare costs, and similar issues. However, medical debt in the US has gotten so bad that there are charities devoted to paying medical bills, too. Some charities focus on specific ailments, such as cancer, while others are more versatile. You can find a medical charity for just about everything, from getting into an accident to supporting uninsured patients.
One in four Americans skip medical care because they can’t afford it. Medical charities are needed to take the fear away from medical bill costs.
This is especially crucial if you don’t have savings. Medical bills can come as a shock, which leaves people in debt. Instead of maxing out a credit card or taking out an expensive loan, a charity is needed to help you cover the costs of your bills.
You Can Help Your Employees With Their Medical Bills
Having great medical insurance is usually the line between paying medical bills and going into debt.
Traditional insurance options make it impossible to offer affordable health insurance that has great coverage and doesn’t increase costs year after year. This is where we come in. We work with medical providers to negotiate discounted rates, so you can offer affordable health plans that keep your employees out of medical debt.
Fill out this form to see if your business qualifies.