• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

Infographic: Diagnosing the Causes of Medical Debt in the U.S.

By Ivan Serrano

surgeryOver the last few years, medical debt has quickly become the number one reason why people file for bankruptcy in the United States. In fact, 1.7 million people will be forced to file bankruptcy because of their medical debt.

Regardless of whether you have health insurance, medical debt is a burden for many people. People who with health insurance have an average of $17,749 in outstanding medical debt and people without health insurance owe $26,971. Unfortunately, these rates only get higher; especially for those who lose their health insurance because of their chronic health conditions.

Now you’re probably wondering, why are medical bills so high? Well, there are a number of factors that contribute to the high costs of healthcare. According to the infographic below, the leading expense in medical debt is hospital costs. Prescription drugs and doctor’s bills also contribute to high medical costs.

Unfortunately, no one can predict your health nor can you completely avoid an illness or injury. The infographic below reveals a number of health conditions such as personal injuries and diabetes that contribute to high health costs. In addition, surgeries such as heart transplants and hip transplants can be very costly for patients.

While medical debt continues to increase, there are a number of ways to manage expenses. First, try paying your medical expenses in full so you can be eligible for discounts. It’s also a good idea to find out what you can negotiate with your healthcare provider and find out if you’re eligible for government assistance.

Managing medical debt is challenging, yet there are ways you can decrease costs and make payments more manageable. For more information about the realities of medical debt, check out the infographic below:

MedicalDebt

Photo Credit: Tim Green; Infographic: Ivan Serrano

November 13, 2014

The Question of the Week:

Are cryptocurrencies a legitimate wealth preservation asset?

View Results

Loading ... Loading ...

Recent Posts

  • How to Improve Your Sports Betting Success
  • Toyota Has Started Accepting Bitcoin for Payment
  • 100 Words On: Why You Need Emergency Savings AND a Rainy Day Fund
  • Why You Should Consider a 203k Mortgage When Buying a Fixer-Upper
  • 6 Ways to Avoid Becoming a Pickpocket Victim
  • What Beginners Should Think of Before Starting Forex Trading
  • The Embarrassing Anatomy of a Phishing Scam
  • Black Coffee: Too Little Too Late
  • Dealing With a Deceased Person’s Money and Property
  • Can You Afford a Home?

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. The 6 Most Valuable Grocery Store Products
  2. 2. Series I Savings Bonds Are Now Paying 9.62%; Here Are Their Pros & Cons
  3. 3. 25 Examples of Shrinkflation That No Longer Fool Consumers
  4. 4. 7 Big Reasons Why a Roth IRA Isn’t the Best Way to Save for Retirement
  5. 5. 3 Ways That Great Sleep Helps You Get Richer
  6. 6. What’s the Fastest Way to Pay Down Your Mortgage Early?
  7. 7. How to Save Money on Dental Care So You Won’t Go Broke at the Dentist
  8. 8. Historical Gold & Silver Benchmarks for Wages and Commodity Prices
  9. 9. Tip Inflation: We’ve Got Nobody to Blame But Ourselves
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2022 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2022