Unexpected events can easily affect someone’s well-being and financial stability. Although many have life insurance to protect their families, many Americans may not have a safety net in place in the event of an injury or illness that prevents them from earning income. Even those who are fortunate enough to have employer-sponsored disability benefits, such as group short term and long term disability insurance, often find it is not enough. The typical plan only covers 40 to 60 percent of an … [Read more...]
Renters Look to Covid Relief and Bankruptcy Protection
The Supreme Court recently lifted the federal ban on evictions allowing landlords to start the eviction process for people behind on their rent. Because federal rental assistance, provided as part of the tens of billions of the Covid relief package, has been slow to reach renters struggling to pay rent, many local agencies have stepped in to provide temporary assistance to bridge the gap as the moratorium ends. Renters who need help are encouraged to turn to various local programs for … [Read more...]
Out of Network Medical Bills and Bankruptcy Protection
Many families face financial difficulties because unexpected medical costs were not covered by their health insurance. All too often, this is because a physician or health care provider is out of network, a fact unknown to the participant at the time of service. Fortunately for many, the No Surprises Act, effective January 1, 2022, minimizes the amounts that participants in a group health plan must pay for medical care received from physicians or other healthcare providers outside of their … [Read more...]
Accumulating Medical Debt
Many Americans worry that an unforeseen health crisis could result in financial ruin. In fact, over 50 percent of Americans fear that a major medical issue could lead to bankruptcy according to a recent Gallup poll. The pandemic has only heightened concerns, as more men and women contemplate what would happen if they ever face a costly medical emergency. Fifteen percent of Americans surveyed said they know at least one family member struggling with medical debt, with no clear resolution in … [Read more...]
Financial Relief for Everyday Americans Trying to Pay Bills During Covid
Despite the fact that the economy is starting to open back up in many areas across the country, Americans will likely continue to struggle to catch-up financially long after returning to work. With roughly 38 million Americans out of work during the pandemic, many will need time to get back on their feet and financial experts recommend that consumers start by discussing their financial situation with their landlords, creditors or banks to see what accommodations they can offer. Covid -19 Rent … [Read more...]
Bankruptcy Protection for Illinois Residents Hit Hard by Covid-19
Before the massive shutdowns, many workers made enough to live on but not enough to save, leaving Americans in a particularly precarious financial predicament when Covid-19 shut the doors of many businesses and leaving many workers now unemployed. Roughly half of Illinois households have no emergency savings - no one to borrow from, nothing of value to sell, and no rainy day funds to cover what is now over 6 weeks of shutdowns across the nation. Even with expanded unemployment benefits and … [Read more...]
Personal Bankruptcy When Faced with Unexpected Medical Bills
Some believe that the Covid19 pandemic could lead to a rise in personal bankruptcy among Americans grappling with reductions in income and unanticipated medical costs. Although the country is facing a largely unprecedented emergency, medical bankruptcy is not a new phenomenon; many Americans are forced to declare bankruptcy every year because of unexpected medical expenses. Medical Bills Problematic for Insured and Uninsured Alike One of the challenges many insured face is that their employer … [Read more...]
Bankruptcy Protection for Medical Debt Lawsuit
On paper, middle class earners appear to be able to afford their bills, but the reality is that many are struggling financially, particularly when you stack on medical expenses that are not covered by high deductibles. When push comes to shove, families have to prioritize payment of necessities such as housing, transportation and food, which sometimes means leaving medical bills unpaid. In the past, hospitals and clinics were reluctant to legally pursue patients with delinquent accounts … [Read more...]
Seniors Filing Bankruptcy Climbs to 12%
The number of seniors filing bankruptcy in the U.S. has increased dramatically over the last three decades. In the early 1990s, bankruptcy among seniors accounted for only 2% of bankruptcy claims. Over the years, bankruptcy among seniors has climbed to 12% with over a hundred thousand seniors filing for bankruptcy. Rising medical costs at a time when Medicare covers fewer expenses, stagnant or reduced wages, and fewer good pensions are one side of the equation; the other is that many seniors … [Read more...]
Discharging Medical Bills in Bankruptcy
A study from American Cancer Society reveals that costs for prescription drugs to treat cancer, rheumatoid arthritis and multiple sclerosis among other illnesses can cost patients tens of thousands of dollars each year, whether they are insured or not. An estimated 137 million American struggle with financial hardship because of medical bills, many draining their savings accounts, taking out second mortgages, and cutting their spending just to afford the medicine they need. Sometimes it can … [Read more...]