When you aren’t feeling well, your focus is usually on scheduling an appointment with a healthcare professional who can treat you as soon as possible and not on the cost. Medical debt can cause a significant financial burden and bankruptcy may be an option to consider.
Medical debt examples
While you can accrue medical debt from an emergency room visit, surgery or other hospital stays, those major medical procedures are not the only expensive treatments you may encounter. You can face costly professional fees and diagnostic fees for tests like x-rays and blood work.
After you are treated for a medical condition, you might be prescribed medication. Prescription medication costs can be substantial, especially if you need ongoing treatment for chronic conditions.
If you need long-term care in a nursing home or an assisted living facility, you may have to pay for each day of care you receive, which can quickly deplete your savings or other assets.
Insurance
Even if you have insurance, you could still have to pay out of pocket for some medical expenses. For example, mental health treatment like therapy or counseling can be costly and insurance may not cover all visits.
If you have an emergency and need an ambulance, insurance may only cover a portion or may not cover the trip at all, depending on your policy.
Similarly, insurance may cover some medical supplies or equipment, like a wheelchair or oxygen, but not every item you may need.
If you cannot pay your medical debt, you may want to consider bankruptcy for a fresh start.