It is an unavoidable problem that continues to plague America; the cost of health care is rising, and it is rising significantly. The cost of health care has risen so exponentially, it is even ‘terrifying’ older wealthier Americans. According to a new study commissioned by Nationwide Financial, “46 percent of people 55 or older who have assets of at least $250,000 and plan to retire by 2020 say they are “terrified” that health care costs will foul up their retirement plans and 30 percent of those already retired reported the same anxiety.” The unfortunate reality is health care is extremely expensive and will only continue to increase. The federal government states health care costs rose to 2.6 trillion dollars in 2011 and is expected to surpass that in 2012.
In addition to the unimaginable cost of health care, a study in the American Journal of Medicine reveals that a majority of Americans are just one major illness away from bankruptcy. The report reveals that 62% of all bankruptcies are credited to medical and hospital bills. In an article titled, “More than half of U.S. Bankruptcies from Medical Bills,” Johnnie Vineyard, a certified consumer credit counselor explains, “it’s happening to more people than we would like to believe,” on average his clients come to him with medical bills starting around $20,000.
To add to the health care crisis, the commonwealth Fund Reports that problems with medical and hospital bills are most prevalent among uninsured adults. Of adults ages 19 to 64 who were uninsured, 60 percent said they had medical problems or accrued medical debt in 2010, which compares to 51 percent in 2005. The commonwealth fund also found that 41 percent of working-age Americans – 72 million people – have medical bill problems or are paying off medical debt. If the number of elderly adults who are coping with the same issue are included, the number rises to 79 million.
Clearly, there is no immediate solution to America’s health care cost crisis, however, there are steps you can take to ensure that your medical or hospital bill is correct and as low as possible. Having your medical or hospital bill professionally audited is an optimal solution to ensuring your caregiver has not grossly inflated medical fees in addition to guaranteeing that you are not being billed for a procedure you did not receive, or being billed multiple times for the same treatment or medication. By comparing the costs of your medical procedures to other hospitals for the same procedure in the same region, we can successfully determine whether or not your medical or hospital bill has been outrageously overpriced. Contact Relamatrix Medical Bill Review, LLC for more information or for a free consultation regarding your high medical or hospital bill at (800)-653-7526.
Citations:
Young, Jeffrey. The Huffington Post. “Health Care Costs Have Older, Wealthier Americans ‘Terrified,’ Survey Shows.” May 21, 2012.
Hirsch, Deborah. HealthTech. “No Surprise, but Health Care Costs This Year May Exceed Annual Mortgage Payment.” May 16, 2012.
Abubey, Faith. www.digtriad.com. “Study: More Than Half of U.S. Bankruptcies From Medical Bills. May 15, 2012.