Going to the doctor can be expensive, even for those who have insurance. Unfortunately, this prevents a lot of people in Georgia from seeking medical care when they need it. Those who do go to the doctor often end up saddled with so much medical debt that bankruptcy is sometimes the only viable option.
Medical debt is steadily climbing
LendingTree recently published the results of a survey that determined that 60% of people have medical debt. Of those, 53% reported owing more than $5,000. Another 72% said that medical debt was a significant burden and interfered with:
- Buying a home
- Having a child
- Meeting other significant financial goals
One of the reasons that medical debt is growing is that fewer people have health insurance coverage. In the first six months of 2020, 7.7 million workers lost access to their employee-sponsored insurance, largely due to job loss. This loss impacted 6.9 million dependents who also relied on that same coverage, leaving many people vulnerable to hefty health care costs like out-of-pocket expenses. Without a steady income, these individuals also had less disposable income to address their medical costs.
Life should not be about deciding which bills to pay this month and which to pay next time around. However, this is the reality that many people with too much medical debt face each and every day. While this can be an overwhelming experience, bankruptcy is often a viable option for Georgia residents who can no longer keep up with their monthly bills.