Medical bills and payments are one of the biggest causes of personal bankruptcy filings, so it is no surprise that the Senate Health Care bill is causing concern among healthcare and financial experts. Bankruptcy filings decreased steadily after President Obama's Affordable Care Act was passed, but President Trump and Senate Republicans are seeking to revise and replace the ACA with a different bill that could have profound impact on the American public. The proposed bill could leave up to 15 million people out of the Medicaid program, which in turn could result in more personal bankruptcy filings. According to one editor at Time Magazine, "Unpaid and costly medical bills are a significant contributor in the decision to file for bankruptcy, experts said. And even if the financial distress from being uninsured doesn't send someone into bankruptcy, high and sometimes unexpected medical costs can still send Americans into a lot of debt".
With these overwhelming stats, it's easy to see why people who are currently struggling with medical bills, or have medical issues in the near future, are growing more concerned with the goings-on in Washington.
If you are struggling with overwhelming medical debts, please contact our office at 757-340-3100 and schedule an appointment to discuss your options!