New Health Factors That Could Cost You Even More
Medical debt has long been a common contributing factor in clients choosing to file bankruptcy. Rising insurance costs and medical costs leave many people across Georgia and the United States struggling with ballooning payments for care. And, in an economy with high inflation and rising costs for virtually everything, this can spell financial doom.
Medical Debt and Credit Cards
Credit cards are a frequent recourse when patients are under insured, face high deductibles or lack medical insurance and have outstanding treatment costs. Kaiser Health News and NPR released a joint report that estimates about 16% of adults are paying off medical or dental credit card debt. However, Discover performed a recent survey that suggests that number could reach as high as 41%.
The Federal Reserve chose to raise interest rates an unprecedented amount (the highest jump since 1994), making it cost more to borrow money or use credit cards, and triggering higher limits on those needing credit. Credit card companies could also reduce credit limits on existing customers, adding more pinch to your bottom line if you are depending on credit to cover medical expenses.
Inflation’s Impact on Healthcare Costs
Rampant inflation is doing more harm to healthcare costs. As prices soar, hospitals and medical organizations are appealing to insurance companies for price increases. Insurers are responding with some raises, but that could also spell rate and deductible increases next year that could eat away any projected increases in wages or benefits.
Amazon’s recent dive deeper into providing healthcare with the purchase of One Medical could also impact some consumers in a negative way. Could the new competition spur better care or simply raise costs? Will they expend the membership-based primary care services of One Medical to include others who struggle to access adequate healthcare, or simply use the acquisition to boost profits?
As always, inflation’s bite always trickles down to the consumer, as businesses of every stripe pass on higher costs. And, with a population that is not fully back to work after a global pandemic and supply chain disruptions, more Atlanta area families could be facing a financial crisis.
Jamie L. Gingold, PC can help you get a fresh start when financial struggles threaten your well-being. Family-owned since 1971 and focusing on helping families across Georgia, we can help you create breathing room and solutions to financial problems from healthcare costs or other needs.
Contact us today at 678-915-2634 for a FREE initial consultation at our Atlanta offices.
