Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Medical debt continues to make life difficult for patients

Out-of-pocket medical expenses for rising insurance deductibles are putting the squeeze on many American families, according to recent reports. Medical debt is on the rise as both the government and employers are making the costs associated with insurance more and more difficult to afford. Thankfully, South Carolina residents with outstanding medical debt have a variety of options open to them, including bankruptcy filings that can help to ease the pressure.

According to a recent study, in 2003, approximately 10 percent of household income was spent by about 18 million Americans on medical bills that were deemed out-of-pocket. By 2012 that number had risen to over 32 million. Annual premiums have nearly doubled on average in that time, and governmental assistance just isn't keeping up. 

The elderly members of the population are at particular risk for heightened debt, because co-payments have been steadily increasing thanks to governmental bodies fearing additional Medicaid budget requirements. Ultimately, it is the out-of-pocket portion of the payments that is hurting the majority of Americans. Unfortunately, the added pressure has prompted many to refrain from seeking medical assistance at all for fear of accruing additional debt, which may put an even further strain on an already-stressed system.

Medical debt is unlike other debt in that it relates directly to necessary treatment as opposed to frivolous spending. However, as South Carolina residents understand, that does not keep the collections agency from calling. It may be of benefit to some patients facing outstanding medical debt to seek assistance in restructuring that debt or even considering a bankruptcy filing to help mitigate some of those outstanding financial obligations.

Source: triblive.com, "Rising medical costs burdening consumers more than ever," Alex Nixon, July 11, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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