Good physical health is a precious commodity. So is good financial health. How often, though, do we consider how closely interconnected these two aspects are in our personal lives? The reality is they can be tightly linked.
Taking care of your physical well-being is why we have doctors and hospitals. All of those things come at a cost, which insurance can usually help defray, leaving your financial health in good shape. But, in the event of a sudden accident that results in a debilitating injury or catastrophic illness, even insurance might not be enough. Even as you recover your physical health, medical debt can threaten your long-term financial well-being.
Experienced bankruptcy attorneys know this, are properly positioned to examine the particulars of your situation and provide you options for regaining your financial feet.
This may be particularly important for South Carolina residents to be attuned to in light of a new Urban Institute study. According to the research, almost 25 percent of all Americans under age 65 are suffering from lingering medical debt. Additionally, individuals in southern states are in the deepest difficulty. South Carolina’s rate puts it in the top five of all states, topped only by Mississippi, Arkansas, West Virginia and Indiana.
The study’s authors point to a number of factors for why southern states have such high rates. They say lack of insurance coverage appears to be one big reason, but they note that the national comparison of indebtedness among insured and non-insured individuals isn’t huge. Twenty-three percent of those with insurance reported outstanding medical debt compared with 31 percent of people without insurance.
Regardless of why you are in a tough medical debt situation, it’s important to know that speaking with an attorney is one positive step toward recovery.