Financial struggles can bring stress and complications to an individual’s life. For those in Pennsylvania who owe a significant amount of medical debt, it can also lead to the potential for additional health problems. Medical bills are a growing financial concern in a time where many Americans are out of work and without employer-provided insurance. Even a small health issue or unexpected visit to the doctor can result in bills one cannot pay.
When an individual does not have health insurance or already has medical debt, he or she may be tempted to avoid seeking additional medical care, even if it is an emergency. This can lead to a worsening of a medical condition, as well as mental and emotional stress. Medical debt is an especially prevalent issue in both the Black and Hispanic communities.
According to statistics, over one-quarter of all Americans have debt in collections, and at least half of that is because of medical bills. This type of debt is one of the leading reasons why people file for bankruptcy, and even a small amount of medical debt can start a cycle of debt and loss in other areas of one’s finances.
Seeking health care can be expensive, especially for those in Pennsylvania who do not have insurance. Medical bills can quickly accumulate, wiping out savings and growing at a rate that’s impossible to manage. When a consumer can no longer handle the debt effectively and is dealing with debt collection efforts, it may be worthwhile for that individual to consider the benefits of bankruptcy.