Charles J. Schneider, P.C.certified consumer bankruptcy specialist
forms for your office visit
call today 734-237-1523
Practice Areas Menu In This Section

Will the new health law help reduce medical debt?

As some readers are already aware, medical debt is one of the leading factors for individuals who decide to declare bankruptcy. Medical debt nearly always appears by surprise and when one is suffering from a serious injury or illness, it is hard to get back to work to start making payments on that debt.

The Affordable Care Act included change for various aspects of insurance regulations, primarily for the purpose of including more people in the system. This would hopefully mean that less people would be stuck with hefty out-of-pocket costs and if they were, it would be slightly more predictable based on their deductible.

Unfortunately, this dream is not necessarily playing out the way many had hoped it would in reality. Instead, about 34 percent of people with higher deductibles responded to a survey saying that they had difficulty with medical debt. For those on lower deductible plans, about 24 percent had trouble with their medical bills.

Experts say that one issue is that many individuals do not have the cash on hand to pay for the deductible all at once or in a large portion, and they are often not in a financial situation where they are able to save for it in advance.

The good news is that for those who are truly struggling with medical debt, the bankruptcy process offers a way out. While declaring bankruptcy is not an ideal solution for most, it can help individuals and families get a fresh start when expected events leave them in a difficult situation.

Source: USA Today, "Medical debt will persist despite health law," Jayne O'Donnell and Paul Overberg, Jan. 15, 2013

No Comments

Leave a comment
Comment Information
  • rating

    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

  • rating

    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

  • Avvo Rating 10.0 superb | Top Attorney Bankruptcy
  • Rated By Super Lawyers Charles J. Schneider | visit superlawyers.com | super lawyers 2011-2015
  • Avvo Ratting 10.0 superb Top attorney chapter 7
  • Avvo clients' choice 2014 | chapter 7
  • ICLE CONTRIBUTOR
  • American board of certification | certified consumer bankruptcy specialist
  • AV lexisNexis Martindale-Hubbell Peer Review Rated for ethical standards and legal ability
email us for a response

Let us evaluate your situation
and identify solutions

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy