One in five families have trouble paying off medical debt

Posted on: Tuesday, March 13, 2012

Successful insurance prospecting can help lower insurance customers' high medical costs, as a new study suggests that medical debt is a significant financial impediment for many Americans.

According to the Centers for Disease Control and Prevention, approximately 20 percent of Americans are affected by medical debt, with roughly half of these individuals not able to repay their medical cost obligations at all.

In addition, the poll also found younger families are most significantly impacted by medical debt, as they are often the ones who find themselves lacking health coverage because they can't afford the premiums.

"When one in five Americans are in medical debt it's clear that we're not doing enough to make health insurance affordable," said Carmen Balber a representative for the Consumer Watchdog Campaign.

Robert Cohen, the study's lead author from the CDC's National Center for Health Statistics, noted that even among those who do have health insurance coverage, 16 percent still had trouble paying off their medical bills.

Fortunately, there are a variety of plans insurance customers can obtain that are both affordable and sufficient. It may be a good idea for insurance agents to review these options and their client's budget so a resolution can be reached.

Posted In: Insurance News, Health Insurance

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