Medical Debt...Significant Barrier
Medical Debt Can be a Significant Barrier to Financial Health
The FINRA Investor Education Foundation's most recent National Financial Capability Study shows that medical debt can be a significant barrier to financial health.
Servicemembers are shielded from the brutal realities of Healthcare Coverages concerns as well as the problematic concerns on its rising and often unaffordable costs.
Medical bills contribute to financial insecurity for many Americans. In this brief, we use survey data to examine the prevalence of past-due medical debt among nonelderly adults…specifically, how it varies across states, and how it has changed over time. We find that states differ substantially in the share of nonelderly adults reporting that they have unpaid medical bills that are past due.
Transitioning Servicemembers and Veterans carry the shield of VA medical benefits as they return to the civilian world. Typically…their families do not.
Many Americans carry past-due medical debt balances. A recent Consumer Financial Protection Bureau report found that unpaid debt in collections owed to hospitals and other medical providers made up about half of all debt in collections and that 19 percent of consumers with a credit file had some form of medical debt in collections. Families with medical debt report that it reduces their ability to save and to afford basic household needs, increase their reliance on credit cards and other forms of debt, damages their credit, and induces them to forgo needed health care. In extreme cases, the medical debt may contribute to personal bankruptcy.
If Servicemembers do not plan properly as they transition from military service to civilian life…they will find themselves in these statistics.
Read the brief here: Past-Due Medical Debt in America
Get helpful resources here: Your Financial Life after Military Service | Financial Readiness for the Civilian World | YOUR PERSONAL GUIDE AND RESOURCES | Buy Now on Amazon
Also available at Popular Book Stores and Websites
Note: The study was funded by a FINRA Foundation grant (FINRA.org)