Vance P. Truman, Attorney at Law
Putting People's Financial Worries Behind Them Free Initial Consultation
330-591-4729

Living with medical expenses

As much as you plan your future, there are always surprises and unexpected expenses or challenges. Most Americans create some type of savings plan to pay for major expenses, whether that means college, a new car or a dream vacation.

Those are some of life's expenses that are more positive (if there is such a thing). Few have a medical savings account. Americans spend more per capita on health care than any other country, almost ten times more than the global average, according to the World Health Organization. There are many reasons for the high costs, but the point is that it takes a big toll on your budget. An emergency trip to the hospital can throw your entire budget out of whack. A chronic condition will have even greater impact.

Most expensive common ailments

A recent study of medical costs determined that the three most expensive conditions are diabetes, heart disease and lower back or neck pain. All three are prevalent conditions in society.

It's not just the cost that's concerning, but that medical expenses continue to rise faster than inflation. Medical costs are already consuming Americans' budgets and they're still going up.

A diagnosis means serious changes to health and lifestyle. While it's expected that there will be accompanying costs, they are unfortunately burdensome and overbearing for many. As treatment continues, the debt mounts.

When is bankruptcy right for you?

There is a stigma that bankruptcy means you've somehow failed, which is inaccurate. Bankruptcy is a solution to financial problems. It can wipe or restructure debt that allows life to get back on track and make your day-to-day living expenses manageable again.

Bankruptcy is a common solution for medical expenses or those facing lifestyle changes through no fault of your own. As the study shows, medical debt is a real problem in the United States.

There are different approaches for your debt. Chapter 7 may discharge what you owe, while Chapter 13 can rework payments. If you're considering bankruptcy, an attorney can offer invaluable advice about your options.

No Comments

Leave a comment
Comment Information

Get the debt relief you need, the personal attention you deserve.

Call us today for a free consultation at 330-591-4729, or fill out the form below, and we will contact you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact Information Vance P. Truman, Attorney at Law

689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
Fax: 330-722-3410
Map & Directions

Payment Plans Available Call Us For Your Best Suitable Payment Option

VISA master card American express Discover network