Having a medical issue can be a stressful experience. Many Texas residents may wait apprehensively to learn what the exact problem is and how -- or if -- it can be treated. Unfortunately, the stress that comes from these factors is not the only type of stress that can accompany medical problems. Most individuals experience considerable stress from the resulting medical debt as well.
Though having insurance can help with some costs of medical treatment, approximately 20 percent of individuals under the age of 65 still struggle paying their balances despite insurance coverage. Because medical expenses are often extremely high, this struggle can impact various areas of life. For individuals who are members of Generation X, or those who are in their late 30s to early 50s, the problem is most prevalent.
Individuals in this age range owe nearly $20,000 in medical expenses on average. Though by this time in life these individuals have likely reached career goals and accumulated savings, they likely also face other expenses relating to mortgages, student loans, tuition for children and other costs. As a result, when a medical situation comes about, their finances may already be stretched thin.
Though this type of scenario seems most common with Gen Xers, it could happen to anyone. Medical debt remains one of the top reasons individuals file for bankruptcy. If Texas residents are struggling under the burden of their outstanding medical bills, they may wish to consider bankruptcy for themselves. Understanding the different types and options may help them determine whether it could suit their circumstances.
Source: fool.com, "Guess Which Americans Have the Highest Levels of Medical Debt", Maurie Backman, Feb. 18, 2018