2020 was a challenging year for many people. Lost jobs, children being out of school, and illnesses have caused many people to rack up huge debts that they cannot pay back. For those who have caught COVID-19, medical costs can run into the thousands, especially if they require a hospital stay while being treated.
In this article, GM Law Firm, LLC, will explain the rise in medical debt due to the COVID-19 pandemic and discuss possible solutions to this problem. Many people believe that the only solution to medical debt is declaring bankruptcy, but this is not the case.
Medical Debt Due to the COVID-19 Pandemic
For people who have become sick with COVID-19, medical treatment can be prohibitively expensive. Time in the hospital in an ICU bed, combined with time off of work while they were still contagious or getting well, has left many people in the US with vast amounts of medical debt. For many people, this medical debt is so significant that they cannot pay it off.
You also might have accrued medical debt during the pandemic that had nothing to do with the virus itself. It has been hard to get in to see a doctor since the start of the lockdowns and other safety measures taken against the virus, and many people have found themselves in situations where emergency care is all that is available to them.
ER visits are way up because people have been waiting too long to have medical issues attended to. This has led to emergency surgeries and other expensive treatments being the only option left to people. Even a few days in the hospital can cost an arm and a leg, especially if you don’t have medical insurance.
There is little help out there to bring the cost of medical treatment down for people who have been unemployed during the pandemic or those who did not have health insurance from the start. These people owe the entire amount of each visit without any assistance from insurance. This is not uncommon.
What to Do About Medical Debt
Thankfully, bankruptcy is not your only option. There are other ways to deal with large amounts of debt, and you can get an expert at debt repayment to help you navigate these choices.
Debt settlement and debt dismissal are two options that you can use to help pay off your medical debt. In one situation, your debt is dismissed altogether, and in the other, your debt is consolidated down to a single payment.
Medical bills do not need to force you into bankruptcy. There are better means of paying back your debts. Get help with your medical debts today before it’s too late.
About GM Law Firm, LLC
GM Law Firm, LLC, is a consumer advocacy law firm based in Boca Raton, Florida, that empowers clients battling credit card, repossessions, installment loans, private student loans and medical debt to fight for their rights and help negotiate a satisfactory debt resolution. The experienced attorneys from the GM Law Firm, LLC, also legally protect clients against harassing debt collectors and provide a customized strategy for debt defense. Contact GM Law Firm, LLC, for a consultation.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.