Whether you had an unexpected illness that caused a lengthy hospital stay or broke your leg in an accident, it won’t take very long before the medical bills roll in. If you don’t have insurance, you’re probably facing a massive bill.
What if you have insurance? Well, most of the time, your health insurance will only cover a portion of the expenses you have to pay. The co-pay, which can be 20%, 30%, 40% or more (depending on your insurance plan), can still be too much debt to handle.
How big is the average hospital bill?
Americans spent over $4 trillion on health care last year. Over 30% of that was on hospital expenses.
The average cost for a single day in the hospital is $2,607. If you stay overnight, that total jumps up to around $11,700. Using those figures, a seven-day stay in the hospital for an infection or an injury would run an average of nearly $82,000.
Is it really any wonder that roughly 65% of all bankruptcies are related to medical bills? As it stands right now, it’s estimated that two-thirds of adults in the United States under 65 years of age have medical bills they can’t afford to pay, suffer from a lack of insurance or skip needed medical services because they can’t afford them.
Is bankruptcy the answer?
Ultimately, only you can decide if bankruptcy is the best route for you to take. If you have trouble paying a medical bill, you’re definitely not alone. Learning more about the legal options that are available to you is the first step toward a more solid financial footing.