Cost is generally the last thing on your mind when you or a loved one needs medical care. Health is the only thing on your mind, particularly in an emergency or a life threatening illness. However, medical expenses are an important part of your financial wellness picture. Here’s what you need to know in order to get out of medical debt:

1. Medical expenses are the leading cause of bankruptcy in the United States. According to a Harvard University study, about 62% of bankruptcies were due to medical debt. This includes people who have health insurance. In fact 72% of people who file for bankruptcy because of medical bills havehealth insurance.

2. Understand what is and isn’t covered by your health insurance company. It’s often hard to know what’s covered by insurance and what isn’t. Not all health insurance is created equal. The benefits in one policy may not be present at all in another. When you receive your policy, make sure to talk with a representative to understand the full range of benefits. Also, you may receive a bill for something that you think should be covered. Mistakes can happen because medical billing can be very complex. Contact your doctor and the insurance company to make sure the right services were billed. If you don’t, you may be paying bills that you don’t need to be paying.

3. You are not alone and we are here to help. The cost of health insurance has skyrocketed over the past few decades, and millions of Americans struggle with medical debt. If you are one of these people, GreenPath is here to help you. We offer financial counseling and debt management plans that can get you back on track to achieving financial wellness. Click below to learn more.

 

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