Americans Borrowed This Much to Pay Their Medical Bills in 2017

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As healthcare policy continues to be a political controversy in the United States, it may help our readers to get a little perspective on the cost of medical treatment in this country. In 2017, Americans spent $3.7 trillion on healthcare – or exactly $10,739 for each man, woman and child.

Few of us can afford to pay out of pocket to treat a sudden health emergency or chronic illness. Still, it may be shocking to hear that Americans had to borrow $88 billion to pay for healthcare in a single year. Nobody expects people to do without necessary treatment, but when the bill comes, what are patients who cannot afford to pay supposed to do?

Bankruptcy is the answer in many cases. In a survey conducted by West Health and Gallup, 45 percent of respondents expressed concern that they would need to declare bankruptcy to deal with the expenses of a “major healthcare event.”

What to do with a $100k medical bill?

From our perspective, nobody can predict if they will get badly injured in an accident or come down with a life-threatening or chronic disease. If that ever happens to you, you owe it to yourself and your family to get the best medical treatment available. Later is when you should worry about paying your medical bills, which could run into the hundreds of thousands of dollars.

Chapter 7 or Chapter 13 bankruptcy protection can help families overwhelmed by medical debt. This legal protection exists to free families from the cycle of debt and allow them to move on with their lives. If you have more debt than you can afford, a conversation with an experienced New Jersey bankruptcy can help you decide what to do about it.