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Women more likely to suffer from unexpected medical costs

Health care is an expense that is extremely important and worrisome for many people in North Carolina. Medical emergencies can happen at any time and having insurance is no guarantee that you will not end up owing money after all is said and done. At Wootton & Wootton, P.C., we understand how stressful it is when you owe money that you cannot afford to pay.

A new study has found that when women are faced with unexpected medical bills, their finances take a harder hit compared to men, according to Slate. That conclusion was reached after examining credit and bank accounts of 210,000 people. While banks and credit lenders are prevented from asking customers about their gender or marital status, many use mathematical formulas to speculate a person’s gender.

In general, women earn 20 percent less than their male peers. Therefore, it is perhaps not surprising that when women were the primary account holders, it was found that their accounts were not as strong as men after making a medical payment they had not anticipated. Since many people lack emergency savings to cover things like medical emergencies, they typically have trouble making other necessary payments when they are forced to put money out for a doctor or hospital visit.

While owing money can certainly be very stressful, you may not be stuck in a hopeless situation. Many people find financial relief through filing for bankruptcy. For more information on your options for dealing with debt you cannot pay, please visit our web page.

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