Medical Debt: The Younger Generations Are in Deepest Trouble
Medical debt is one of the most unpleasant types of debt to deal with because it is usually accompanied by other challenges too, whether you have been seriously ill or were in a car or motorcycle accident—or debilitated otherwise. These types of issues could make it very difficult for you to work, compounding financial troubles. And while we have written about many different types of surprising debt issues and statistics over the years, this one might surprise you the most: millennials are in the deepest medical debt. Ranging from around 25 to 35, this age group is racking up the bills, and that is certainly not difficult to do when there is a health problem looming.
Recent data states that not only are millennials carrying more medical debt, they are continuing to accrue it more often, and they may be going into massive credit debt at the same time, attempting to cover not only co-pays, medical visits, prescriptions (sometimes even procedures too), and more—but also all the basic bills. While one in six consumers in the US are struggling to pay medical bills, their credit reports are being negatively affected too—posing debts of $81 billion, with over half of those amounting to under $600 for individual consumers.
Eleven percent of those medical bills belong specifically to 27-year-old consumers:
“That’s one year after children lose eligibility for a parent’s health insurance coverage under the Affordable Care Act, which is important for policymakers to remember,” said Benedic Ippolito from the American Enterprise Institute, one of the three economists who compiled the data.
Medical debt is one of the most common reasons that consumers in the US file for bankruptcy, with most of it able to be discharged—especially in Chapter 7. This may be the best solution, in fact, if you find yourself overwhelmed with medical bills and no income to pay them. In Chapter 7, if you are eligible, you could see debts discharged within three to six months, paving the way to new financial freedom—as well as putting a stop to any collection lawsuits or default judgments.
Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Let us review your case and discuss what would work best for you. We are here to help! Click here to schedule a free 30-minute consultation, or call us at (855) 709-5788, or email us at firstname.lastname@example.org.
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