$88 billion of outstanding medical bills are currently in collections – affecting one in five Americans.
My own academic research at Utah State University and that of University of Utah Economics Ph.D. Levi Pace revealed that medical bills were a major cause of personal bankruptcy filings in Utah. Similar research in other states confirm our findings.
Medical bills can be confusing and overwhelming and often come at a time when you may already be in distress. You might feel like you’re navigating a winding maze of information just to understand what you owe, to whom, and by when.
Help is available from the U.S. Consumer Financial Protection Bureau https://www.consumerfinance.gov/.
- Know your rights and protections when it comes to medical bills and collections
- Find out if you are getting the help with your medical bills you are entitled to?
- Understand how to navigate medical bills
The White House also released a fact sheet on The Biden Administration’s new actions to lessen the burden of medical debt and increase consumer protection.
Medical billing, collections and credit reporting can hurt people when they are already struggling with a health crisis. The CFPB is on your side to make sure you are treated fairly.
The Consumer Financial Protection Bureau has a LOTS of other helpful consumer information on its website: https://www.consumerfinance.gov/.
Source: Financial Planning for Women