Dealing with unexpected medical expenses is a problem that many people in North Carolina face. Like a lot of families, you may not have enough savings or cash on hand to deal with such costs. Consequently, the bills often end up getting paid by credit card. According to NerdWallet, some companies have taken advantage of that fact and are now offering credit cards specifically for medical expenses.
No one is ever really prepared to deal with an unanticipated medical situation in Durham. When an emergency arises, your first priority is to seek treatment. Only after the dust settles may it occur to you that you may not be able to afford the bill. At Wootton & Wootton, P.C., we understand that struggling with medical expenses can be stressful and overwhelming.
When a medical emergency arises in North Carolina, most people’s thoughts are on getting the necessary care they need and not on how much it will cost. Unfortunately, once the crisis has been dealt with, many people do end up stuck with emergency room or hospital bills that they cannot afford to pay. Here is a look at who the people with the most medical debt are and where they live.
Like most people in North Carolina, you likely have a few different kinds of debts. Mortgages, credit cards and student loans are just a few of the common debts that many people carry. However, if you have received a call from a collection agency, chances are it was related to a medical bill. At Wootton & Wootton, P.C., we understand that receiving a call from a bill collector can be stressful and disheartening.
If you have had an unexpected medical expense in Durham that has left with you a bill you are unable to pay, you may not be entirely without options. Many health care providers would rather receive some payment from you than none at all, so you may be able to negotiate terms with them that you can live with.
Taking care of an older loved one in North Carolina comes with many challenges. Some conditions require full-time care and that can place a heavy financial burden on the patient’s family. However, for people who have been diagnosed with dementia, the monetary hardships faced by their families may be worse than for those diagnosed with other ailments, leading those people on a potential path to bankruptcy.
Being diagnosed with cancer can shake up a person’s whole world, as they are suddenly faced with a myriad of problems and worries. Unfortunately, for many cancer patients, they will also have to face financial strife as a result of their diagnosis. In fact, according to NBC News, 3 percent of all cancer survivors end up filing for bankruptcy, and one-third find themselves in debt because of their illness.
Balance billing occurs when certain costs of medical treatment you receive are not covered by your insurance, even if the facility in North Carolina you were at was in-network. This practice is much more commonplace than you would think. According to Slate Magazine, one two-year survey found that of those people with a private health insurance plan, 30 percent were hit with a surprise medical bill.
If you have medical debt and are also carrying a credit card balance, you can rest assured that there are many people in North Carolina in exactly the same boat. In fact, the average American family has over $15,000 in credit card debt and some kind of medical debt appears on the credit report of 43 million Americans, according to NerdWallet. Since both are troublesome, deciding which one is worse for you to have depends on a few different factors.
While the number of Americans without health insurance coverage dropped drastically since the Affordable Care Act was enacted, many people in North Carolina still find themselves faced with mounting medical debt even with insurance. According to the New York Times, there has been a large shift in recent years in the types of plans offered by insurers. While more preventative services are covered, provider networks are shrinking and plans with high out-of-pocket deductibles are on the rise. This can result in annual costs in the thousands of dollars, which spells trouble for many households with little or no savings.