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Filed under: Health Economics, Health Insurance, Healthcare Finance | Tagged: medical debt, medical debt collectors |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Medical Debt
Billionaire unveils fund to defend people from medical debt collectors.
http://www.msn.com/en-us/money/healthcare/billionaire-unveils-fund-to-defend-people-from-medical-debt-collectors/ar-AAANAN7?li=BBnbfcN
Lisa
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56% of Adults Reported Medical Financial Hardship from 2015-2017
The American Cancer Society recently conducted research on medical financial hardship among American adults from 2015-2017. Here are some key findings:
• 137.1 million adults reported medical financial hardship in the past year.
• 56% of adults reported at least one domain of medical financial hardship.
• Adults 18-64 reported higher material hardship (28.9%) than those 65+ (15.3%).
• 46.9% of adults 18-64 reported psychological hardship vs. 28.4% of adults 65+.
Source: AmericanCancer Society, May 2, 2019
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Medical Debt
Bernie Sanders proposes canceling $81 bln U.S. medical debt:
http://www.msn.com/en-us/news/politics/bernie-sanders-proposes-canceling-dollar81-bln-us-medical-debt/ar-AAGCjXM?li=BBnb7Kz
Dr. David E. Marcinko MBA
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750,000 complaints
The CFPB said that in 2021 it sent more than 750,000 complaints to roughly 3,400 companies for them to review. Among the agency’s other findings:
The median medical debt in the U.S. is $310.
In 2021, 15% of debt collection complaints were about attempts to collect on a medical bill.
Consumers receiving collection notices for a medical bill often report being unfamiliar with the listed provider.
Consumers also report that collection notices often contain large amounts of personal medical information.
Many Americans say they pay medical bills to avoid adverse financial and privacy consequences — even if they feel the debt isn’t valid.
Communities with more minority or low-income individuals, veterans, and young adults are more likely to have medical bills reported on their credit reports.
In March, leading credit rating firms Equifax, Experian and TransUnion said they planned to drop most medical debt from consumers’ credit reports starting this summer.
Kenneth
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