42.9 Million Americans Have Unpaid Medical Bills

[CherryPanda]

Nearly 20 percent of U.S. consumers — 42.9 million people — have unpaid medical debts, according to a new report by the Consumer Financial Protection Bureau.

The findings suggest that many Americans are being trapped by debt because they are confused by the notices they get from hospitals and insurance companies about the cost of treatment. As a result, millions of Americans may be surprised to find they are stuck with lower credit scores, making it harder for them to borrow to buy a home or an automobile.

“When people fall ill and end up at the hospital with unexpected bills, far too often they have entered into a financial maze,” CFPB director Richard Cordray said in a speech to be delivered Thursday in Oklahoma City.

On average, a person with only overdue medical debt owes $1,766. Someone with unpaid medical bills and other sources of debt — possibly credit cards or back taxes — owes an average of $5,638. More than half of all debt on credit reports stems from medical expenses.

42.9 million Americans have unpaid medical bills - The Washington Post

This number equals approximately 13% of the population. To compare, African American population of the country makes 12%.

From where I stand, it means that the basic needs are still too expensive, and the high standards of our society are more like a fantasy than a reality… Because when one can afford medical care and education only getting in debt you might pay out till your death. This is not modern society, this is Middle Ages.

 

[Porker]

Nearly 20 percent of U.S. consumers — 42.9 million people — have unpaid medical debts, according to a new report by the Consumer Financial Protection Bureau.

The findings suggest that many Americans are being trapped by debt because they are confused by the notices they get from hospitals and insurance companies about the cost of treatment. As a result, millions of Americans may be surprised to find they are stuck with lower credit scores, making it harder for them to borrow to buy a home or an automobile.

“When people fall ill and end up at the hospital with unexpected bills, far too often they have entered into a financial maze,” CFPB director Richard Cordray said in a speech to be delivered Thursday in Oklahoma City.

On average, a person with only overdue medical debt owes $1,766. Someone with unpaid medical bills and other sources of debt — possibly credit cards or back taxes — owes an average of $5,638. More than half of all debt on credit reports stems from medical expenses.

42.9 million Americans have unpaid medical bills - The Washington Post

This number equals approximately 13% of the population. To compare, African American population of the country makes 12%.

From where I stand, it means that the basic needs are still too expensive, and the high standards of our society are more like a fantasy than a reality… Because when one can afford medical care and education only getting in debt you might pay out till your death. This is not modern society, this is Middle Ages.

Yep, Obama has taken us back to the Middle Ages...in his homeland of Kenya.

 

[Moonglow]

I have medical debt because the oh so smart for profit hospital billers can't seem to get the paper work in time to the VA....

 

[Katzndogz]

The statistic is misleading without more information. Some people have outstanding medical bills because they cannot pay them. Some people have outstanding medical bills because they won't pay them. The statistic doesn't tell us the percentages of each.

 

[Care4all]

I have medical debt because the oh so smart for profit hospital billers can't seem to get the paper work in time to the VA....

how does that work moonglow....?

let's say you are a Vet and get your healthcare thru the VA, but you are in an accident or have an emergency and the VA hospital is 100 miles away so you have to be admitted in to a civilian hospital....what are you suppose to do when admitted? Have the hospital call the VA or you have to call the VA to notify them or paperwork is sent to the VA to notify them and if the VA does get this information, do they pay the hospital for your bill? Do they transfer you to a VA hospital?

 

[Moonglow]

I have medical debt because the oh so smart for profit hospital billers can't seem to get the paper work in time to the VA....

how does that work moonglow....?

let's say you are a Vet and get your healthcare thru the VA, but you are in an accident or have an emergency and the VA hospital is 100 miles away so you have to be admitted in to a civilian hospital....what are you suppose to do when admitted? Have the hospital call the VA or you have to call the VA to notify them or paperwork is sent to the VA to notify them and if the VA does get this information, do they pay the hospital for your bill? Do they transfer you to a VA hospital?

I had to get an appendectomy at a local hospital, since I was having severe pains and my octogenarian parents wouldn't drive me 25 miles to the closest VA..