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Medical Debt Archives

Company aims to help forgive medical debt

Kentucky residents who are struggling with medical debt may have an ally in Better. A startup that aims to help people with out-of-network medical debt, the company has pledged 100 percent of its revenues towards helping those with large debts. The pledge will last until the fall, and Better is able to make such a pledge because it buys the debt at a fraction of its actual cost.

Medical debt often drives people to file for bankruptcy

Medical bills present serious financial challenges to many Kentucky residents. Although people can cut corners on living expenses and try to build their savings, these efforts could prove insufficient in the face of mounting medical expenses. Even individuals with health insurance can struggle to cover copays and deductibles. At some point, bankruptcy emerges as a viable option for those recovering from impossible-to-pay bills.

Medical debt still an issue for Kentucky residents

According to a study from the Urban Institute, in 2015 nearly 25 percent of working-age adults in the United States had past-due medical bills. Although this is a very high percentage, it is still an improvement over the numbers in 2012, when about 30 percent of individuals were in this situation.

Medical debts most common in collections, says study

Kentucky readers might be interested in a study released by the Consumer Financial Protection Bureau in January. According to the study, of those who have been contacted by a collections agency, 59 percent said the contact was due to debts related to medical services. People with unpaid medical debt, unlike those with other types of debt, were common across a range of ages, credit scores and incomes, according to the study.

Bankruptcy and the Economy

I have been a lawyer for almost 38 years and a consumer bankruptcy lawyer for the last 26 of those years. I have seen a lot of changes in the world of personal finances.

Bankruptcy and the Economy

I have been a lawyer for almost 38 years and a consumer bankruptcy lawyer for the last 26 of those years. I have seen a lot of changes in the world of personal finances.

The problem of surprise medical bills

Even for Kentucky residents who have health insurance, surprise medical bills may sometimes arrive. Many people have plans that limit them to seeing providers who are in their networks. If a doctor provides services and is not in the network, the patient may be billed for the difference between what the doctor charges the insurance company and what the company actually paid for the medical services.

FCC limits cellphone calls about unpaid medical bills

Medical debt often inflicts financial hardship on Kentucky households. Because of aggressive tactics by the collection industry, the Federal Communications Commission has issued a ruling curtailing robo-calls from collection agencies directed at cellphone numbers. According to the FCC, a cellphone number can only be called by a collections company if the debtor has granted permission to be contacted by that number for billing issues.

Resolving past medical debt in Kentucky

It is estimated that medical debt has lowered the credit scores of 30 million Americans. While many of those impacted do not have health insurance, many of those who do have been affected as well. Many times, a medical debt listed on a credit report is listed in error or is not a valid obligation. Therefore, it is recommended that everyone check their credit periodically to look for errors.