estimated that collective medical debt totaled at least $195 billion in 2019, larger than the economy of Greece.The credit card balances, which also aren’t recorded as medical debt, can be substantial, according to anby the JPMorgan Chase Institute. The financial research group found that the typical cardholder’s monthly balance jumped 34% after a major medical expense.
Sometimes when the collectors called, Adams would break down in tears on the phone. “I was frantic,” she recalled. “I was being haunted by this zombie bill. I couldn’t make it stop.” The couple had diligently saved. And they had retiree health insurance through Con Edison. But Sherrie’s surgery led to numerous complications, months in the hospital and medical bills that passed the $1 million cap on the couple’s health plan.
Women are more likely than men to be in debt. And parents more commonly have health care debt than people without children.Debt is most widespread in the South, an analysis of credit records by the Urban Institute shows. Insurance protections there are weaker, many of the states haven’t expanded Medicaid and chronic illness is more widespread.Nationwide, according to the poll, Black adults are 50% more likely and Hispanic adults 35% more likely than whites to owe money for care.
She enrolled in a medical credit card, only to get stuck paying even more in interest. Other bills went to collections, dragging down her credit score. Dantona still dreams of working with injured and orphaned wild animals, but she’s been forced to move back in with her mother outside Minneapolis.Barriers to care
Yet the link between sickness and debt is a defining feature of American health care, according to the Urban Institute, which analyzed credit records and other demographic data on poverty, race and health status. Halvorson cited the growth of high-deductible health insurance as a key driver of the debt crisis. “People are getting bankrupted when they get care,” he said, “even if they have insurance.”The Affordable Care Act bolstered financial protections for millions of Americans, not only increasing health coverage but also setting insurance standards that were supposed to limit how much patients must pay out of their own pockets..
The widespread burden of medical debt has sparked new interest from elected officials, regulators and industry leaders.they would remove medical debts under $500 and those that had been repaid from consumer credit reports.a new CFPB crackdown on debt collectors and an initiative by the Department of Health and Human Services to gather more information on how hospitals provide financial aid.
KHNews NPR Think of anything KAISER HEALTH NEWS or NPR puts out as commercials/promotions for the private health ins industry.
KHNews NPR Glad you voted for liberals yet? Those lunatics think we are in the best economy in history!
KHNews NPR This is the direct result of government spending on healthcare.
Health Health Latest News, Health Health Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: LAist - 🏆 606. / 51 Read more »
Source: truthout - 🏆 69. / 68 Read more »