Despite recent advances in health care policy
American households continue to struggle with medical debt, and it’s only getting worse.
Americans are putting more of their take-home pay toward medical costs than ever before.
Medical debt is the largest category of consumer debt in collections.
NerdWallet Health estimates almost 1 in 5—or roughly 51 million—American adults may be contacted by a debt collection agency about medical debt in 2014.
$21 billion in medical debt was collected from American consumers in 2012. More than $1 in every $3 paid to third-party collectors is for medical debt.
Medical debt collected by third-party collections agencies is roughly three times as large as financial and credit card debt combined.
NerdWallet estimates that in 2014, American hospitals will provide over $50 billion worth of “uncompensated care,” or hospital care for which no payment is received from the insurer or patient.
63% of American adults indicate they have received medical bills that cost more than they expected, according to an August 2014 NerdWallet Health nationwide survey conducted by Harris Poll.
Article Source: NerdWallet