It is estimated that medical debt is one of the largest causes of bankruptcy filings in America today. People suffering chronic or serious illnesses are the most vulnerable because their medical bills are never ending. Ongoing medical expenses and bankruptcy often go hand-in-hand. So what are the options for people with ongoing medical needs?
Ongoing Medical Expenses and Bankruptcy
For those just beginning their medical treatment journey, there are many non-profit organizations that offer financial assistance to patients with chronic or serious illnesses. Although taking the time to research and apply for such services can be daunting, it is one option for help managing these ongoing expenses. Healthfinder.gov has some informative articles on finding such services.
For those already experiencing the pile up of medical treatment costs, the options are not limited to debt negotiation or bankruptcy. Medical providers are often willing to negotiate an installment payment plan or even a balance reduction (usually if the remaining sum is paid in full). However, this may not be an affordable option if finances are strapped due to the inability to work resulting from the illness.
The bankruptcy process can offer an immediate relief from any collections and provide a path to eliminating these hospital bills for good. Filing for Citrus Heights bankruptcy can wipe out medical bills entirely and, in many cases, allow the patient to recover from their medical treatments without the extreme amounts of debt that usually result from treatment.