Medical Debt

Nearly every American family is looking for medical debt relief options at one time or another. Medical debt almost never happens by choice. It usually is the product of an unforeseen illness or accident that causes great anxiety. We’ll help you understand the costs and how bill consolidation and other forms of medical debt help can ease the strain on you and your family.

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Busy Hospital

Average Daily Hospital Costs

$5,220

Average Annual Nursing Home Rate

$97,450

Money Spent on Health Care in 2016

$3.3 trillion

Medical Bill Debt & Costs

The average U.S. consumer spends more than $10,000 a year on healthcare. That is 50% more than consumers in other countries in the world. Healthcare expenses vary, depending on your level of insurance, but it’s important to have a medical debt plan.

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Seniors & Medical Debt

Medical debt is troublesome for seniors, who may be dealing with mortgages or credit card debt. Too many consumers believe government will take care of expenses like nursing home, assisted living, and other health-related expenses.

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Health Insurance Costs

The U.S. government estimates that seniors spend $7,620 a year just for Medicare coverage Part A and B. Costs for supplemental care coverage (Plan C) vary, while costs for prescriptions (Plan D) average just over $41 a month.

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More on Medical Debt

Medical Bill Debt & Costs

The Affordable Care Act, better known as “Obamacare,” helped a record number of Americans enroll in health insurance plans, but did nothing to slow the spending on healthcare. Thanks to the ACA, 91.2% of Americans had health insurance at the start of 2017, up slightly from 90.9% the year before. However, Americans spent $3.3 trillion on healthcare or about $10,348 per person. That is an 18.9% rise in just five years. Healthcare spending accounts for 17.9% of the gross domestic product in the U.S.

Medical Debt Consolidation & Forgiveness

Americans have significant trouble when it comes to paying for their medical treatments, especially when they already are in debt with credit cards, auto loans and mortgages. The Kaiser Family Foundation/New York Times survey in 2016 found that 26% of Americans between the ages of 18-64 said they had problems paying medical bills.

According to a 2016 Kaiser Family Foundation study, 52% of debt collection actions in the U.S. contained medical debts. Medical debts were responsible for half the bankruptcy filings.

But there are options for dealing with those bills. Debt.org can help with options like debt consolidation and debt settlement. If you or someone in your family has encountered a serious condition, find out where you can get medical debt relief that eases the situation. You have options for medical debt help that remove the stress of paying for healthcare.

Bill Fay

Author

Bill Fay

Staff Writer

Bill Fay is a journalism veteran with a nearly four-decade career in reporting and writing for daily newspapers, magazines and public officials. His focus at Debt.org is on frugal living, veterans' finances, retirement and tax advice. Bill can be reached at bfay@debt.org.

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