Paying for medical care can be tough, but most people in Texas hope that they will be able to tackle bills as they arise. Unfortunately, this is often not the case. Millions of people in America are struggling with medical debt. While most people truly want to pay off these debts and move on with their lives, doing so can be easier said than done.
New research from the American Cancer Society documented that over 137 Americans are having trouble paying off their medical bills. While it is not secret that many people struggle with paying for their medical care, this recent research highlights just how widespread the problem is. Perhaps even more upsetting is that 42% of all cancer patients run through their life savings only two years within receiving treatment.
While people might associate debilitating debt with life-threatening illnesses like cancer, virtually anyone can end up with too much medical debt. Chronic conditions that may not be life-threatening can also be a drain on finances. A Kaiser Family Foundation study found that over half of survey respondents had at least one person in their family who suffered from a chronic illness. Illnesses like diabetes, hypertension and asthma all require regular medical treatment.
Patients in Texas should be able to seek necessary medical care without fearing for their financial stability, but this is sadly not the reality that many people face. As employer-based insurance plans grow steadily more expensive, even those with insurance can still end up with more medical debt than they can afford. Those struggling with these types of debts may want to consider the benefits of pursuing personal bankruptcy, including relief from creditors and a path towards renewed financial security.