Monday, March 6, 2017
Will A Change In Obamacare Mean An Increase In Medical Bill Collections?
One of the hottest issues in the recent Presidential election was that of healthcare. The country say Hillary Clinton push an agenda that did not completely obliterate Obamacare, while the eventual winner of the election, Donald Trump, has made promises to massively overhaul the controversial health care law. The manner in which President Trump intends to change the system has not yet been fully revealed, but some of his comments and actions have struck fear in the hearts of a great many of our citizens. It seems everyone is wondering how they will be impacted by a change or elimination of Obamacare, both for their health needs and for their pocketbook. But one thing that has not been discussed at length is what will happen if significant changes are made that lead to a patient’s inability to pay their medical bills. The most likely outcome of this type of scenario would be an increase in collection activity for past due medical expenses.
One of the biggest problems with medical debt is that most everyone has at least a small amount of expenses related to their healthcare. This is unlike other forms of debt, where not everyone makes the choice to take on a mortgage, to finance a car, or to take out a credit card. So if changes to the system are made, experts say it is possible to see:
• A loss of coverage, which leaves a patient open and responsible for the full amount of care provided. Most people are not able to pay even the percentage of their bill not covered by insurance, so if nothing is covered it is plausible to presume nothing will be paid and the healthcare providers will have to resort to collection efforts.
• Services that are typically provided to lower income or uninsured patients may no longer be offered.
Some of the harsher consequences that go along with medical collection suits are an increase in harassing calls, and reporting delinquencies on credit reports. These are very real problems that can lead to bigger financial pitfalls, because a lot of people look for other options to pay the bills rather than have a bad mark placed on their credit. But unfortunately, many of the other options used (such as paying for medical expenses with a high interest rate credit card, or by taking out a signature loan), only cause more financial trouble. If you have a lot of medical debt, call us to see what can be done to alleviate the burden. We have experience helping people make decisions about how to manage their money, and will let you know what will work best for you. You might be a good candidate for bankruptcy, or your situation may be resolved by working with your lenders on loan repayment or mortgage modifications.
For more information about healthcare expenses and medical bill collections, contact us at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.