There’s a must-read article in the Dallas Morning News, which features the stories of ordinary Texas residents who have faced mounting medical debt. Over 70 million Americans are either uninsured or underinsured which makes them very vulnerable to incurring massive amounts of medical debt. But this isn’t the only population of Americans who are exposed to medical debt . Even those who are covered by their employer’s medical coverage can become victims to medical debt.
The Dallas Morning News article featured several stories; but one of them told the story of David Alvey who faced rising healthcare insurance premiums that were threatening to surpass the cost of his mortgage.
The article said:
The Alveys’ insurance costs kept increasing until two years ago, when they learned that their premiums were going to be $1,400 a month. David’s medication was an additional $1,000 a month…”There were some days I didn’t want to get up in the morning to face all the medical debt,” David said.
This type of situation can be financially devastating. The average American cannot afford a healthcare insurance premium that costs $300 let alone $1,400 a month, plus $1,000 a month for medication. The need to pay these astronomical costs can push many into financial trouble, missed mortgage payments, delinquent credit card accounts…you name it. This is a dangerous tight rope situation and could end disastrously. And that’s for a person with medical insurance. Millions of Americans don’t have any healthcare insurance and instead of facing healthcare premiums they face tens of thousands of dollars in medical debt that threaten to drive them into foreclosure and complete destitution. Bankruptcy helps debtors discharge medical debt and/or allows them to repay the medical debt under favorable terms. If you are facing large amounts of medical debt, please contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.