Lack of health insurance can result in huge bill; your health may be at risk if you don’t seek treatment and it can be disadvantageous during tax season depending on the state you live in.
Here are the aspects of being uninsured that you should have understood.
Medical Debt
If you are not protected in this way then you are far more vulnerable to growing medical costs which you are likely to end up with and may not always afford. The worst that can happen is someone sues you and garnishes your wages. You can be made to go bankrupt. According to the Commonwealth Fund’s 2023 Health Care Affordability Survey, 38 per cent of individuals reported that they put off or failed to seek medical treatment or purchase prescribed medications simply because they could not afford them. With medical debt none of the 34% who responded that was the reason they did not sought care could be treated.
Unfortunately, health insurance was not a shield against medical bills, as thirty-four percent of adults with an employer contribution or from the ACA marketplace reported owing for medical or dental care, in 2019, based on survey data provided by The Commonwealth Fund.
Of the sampled adult with outstanding medical or dental costs, 87% said they owed at least $500, and 22% said they owed at least $5,000. Half the amount was reported to have resulted from hospitalization while 37% from doctor consultations.
How Can You Deal with Medically?
- Knowledge On Your Health Insurance Policy: Also ensure that you take your time and go through your health insurance plan a number of times. You should always be quite clear on what is offered under that cover and what is not. If you are still in doubt, feel free to talk to your provider.
- Paying Through Installment: While you are paying, you can still receive bills that are taken to collections. If you pay in instalments or make one or two subsequent payments after the due date has been set, then the remaining part of your bill could be handed over to a collections agency. If you cannot afford all that’s due, discuss it with your provider. They may be ready to schedule for a payment plan.
- Negotiating A Lower Price: They should not shy off from engaging the health care provider for a discount. If you cannot afford to pay the full rate, find out whether they specify the amount that insurance firms or Medicare will be billed.
- Avoiding Credit Cards: In as you seek to balance the medical bills by transferring the debt to your credit card it’s actually not recommendable because it has a way of worsening your situation if you are unable to pay your credit card bill completely. Some of the credit cards are likely to attract significantly higher rates of interest than others, which make it easier to enlarge your total credit bill.
- Considering Credit Counseling: Non-profit credit counseling organizations are those that assist you with regard to your medical bills. You can use the Web site of the National Foundation for Credit Counseling to find an accredited agency.
