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What Would Obamacare Repeal Mean For Medical Debt?
It is no secret that medical bills are one of the most common sources of debt in this country. The cost of medical treatment is high, and many struggle to cover it. According to an article from CNN Money, a study showed that the percentage of families having trouble with medical debt declined at the inception of the Affordable Care Act (ACA).
However, with a new president in place, there is fear that the ACA, also known as Obamacare, will be repealed or, at the very least, substantially overhauled. What would this mean for medical debt?
The ACA’s Impact On Medical Debt And More
With the advent of Obamacare, more people have health insurance in the U.S. than ever before. Not only does this mean people have fewer out-of-pocket expenses to struggle with in the event of a medical emergency, the ACA also features other provisions. For example, it changed how nonprofit hospitals went about collections actions.
While it is clear that changes are likely in terms of how health care is handled in the U.S., the nature of those changes is still being determined.
Relief For Those With Medical Debt Now
People struggling with medical debt need to know that they have options, regardless of the fate of Obamacare. One of those options is bankruptcy. Medical debt can be discharged in a Chapter 7 bankruptcy or included in a Chapter 13 bankruptcy repayment plan.
As the CNN Money article points out, medical debt collectors are aggressive. The vast majority of people who reported being contacted by debt collectors indicated it was for medical care. If you are tired of the stress of dealing with debt collectors and want a permanent solution to your debt problem, talk to a bankruptcy lawyer today.