Put it on my card. That's what more and more Americans are now saying to healthcare facilities. A new report found that Americans are seeking ways to pay off their medical billsand credit cards are becoming more widely used to pay for their medical treatments.
Increasing medical costs in the United States are outpacing wage increases and inflation, causing companies to look for ways to cover the cost of health insurance for their employees. This most often leads to passing the cost on to employees. About one-quarter of Americans have troubles paying medical debt and two-thirds of that group is insured, according to one study.
Many people who face chronic illnesses often think about their disease and then worry about how they are going to pay for their treatments. More people with problems paying for their treatments are putting their bills on credit cards, only delaying the payments and adding interest to their payments through the credit card companies.
Those households that have medical debt have about 46 percent higher amounts of credit card debt, according to one new report. These people are also more likely to be called by bill collectors compared to those who don't have medical debt.
These debt collector calls sometimes turn into harassment and lead to feelings of hopelessness. Getting out of medical debt can be overwhelming, and many people feel that they don't know where to turn for help. Speaking with an experienced bankruptcy attorney might be a wise decision if someone has incurred overwhelming medical debt.
Source: MSN Health