Whether for routine care or emergency treatment, going to the doctor is an essential part of staying healthy for patients in Maryland. The related medical bills are rarely good for patients’ financial health, though. Medical debt places an enormous burden on people’s daily lives and sometimes even prevents them from fulfilling other life goals.
Is medical debt a big problem?
A survey from LendingTree sought to find out just how much impact medical debt has on people in America. Of those who responded saying they had medical debt, 72% said it interfered with achieving other milestones. Some of the more common milestones that medical debt interferes with include:
- Paying off other debt
- Buying a home
- Having children
- Saving for retirement
Where is this debt coming from?
There are bills at almost every step in the medical care process. However, some medical events seem more likely than others to land people deep in medical debt. For example, bills related to care for minors might be especially overwhelming considering that more than half of parents of young children struggle with medical debt. According to the same LendingTree survey, the main contributors to medical debt according are:
- Emergency room visits
- Visits with specialists or physicians
No one should have to go into debt just for being sick, but this is the unfortunate reality that many people in Maryland face. When medical debt becomes too much to handle and begins to wreak havoc on one’s financial life, it might be time to consider bankruptcy. Medical bills are just one of many different types of debt that can be effectively discharged through bankruptcy.