These days, many Americans are struggling financially and, unfortunately, health insurance premiums are set to increase in 2017 putting more strain on families.
Insurers foresee that premiums for plans sold through HealthCare.gov will increase by an average of 22 percent next year, which is triple the percentage increase from 2015 to 2016, when premiums increased by 7.5 percent.
To keep up with the staggering costs, many employers are opting for high-deductible plans as an option or fully replacing their coverage with a high-deductible plan as the most effective cost-control measure, negatively impacting employees and their families financially.
This is a most unfortunate turn for many families who are already fighting to make ends meet. Trying to pay down credit card debt and make timely house payments, car loans and medical bills while trying to keep up with ever increasing health care premiums is proving to be a challenge for many.
As part of a financial strategy, some may decide to seek bankruptcy protection in order to eliminate some expenses so that they can prioritize health care for their family now and also the bigger picture of improving their financial future.
If you would like more information regarding what Chapter 7 or 13 bankruptcy can offer you to solve a difficult financial situation, contact the Peoria Bankruptcy Law Offices of Charles E. Covey for a free consultation. Charles can help you determine what strategy may work for you and your family, which may include taking advantage of bankruptcy protection.