Older generations are climbing an unhealthy hill of medical costs

Older generations are climbing an unhealthy hill of medical costs

| Jul 24, 2020 | Bankruptcy |

Getting sick or injured is rarely a one-time cost. You’re paying the price physically, and it may not be long until the bills pile on your worries. It can be hard to tell how your debt got so high when you’re buried, but a little bit of understanding could go a long way to getting back on top.

Americans in 1984 were paying half of what they are today on health care, even when adjusting for inflation. A 101% increase per person may have you asking how you can hope to escape growing debts.

Bills of health

While medical services have actually decreased around 30% in that 34-year window, insurance prices have gone up 740%. This has had a devastating effect on many households across the country, and those medical bills don’t always travel by themselves.

Rough recoveries

The monumental cost of care could be the first thing knocking on the door, but it’s likely not the last. The rest of the world doesn’t pause when you’re down, so the hits can keep coming. Even if medical bills clean out your accounts, you still have to pay the utilities, mortgage and other outstanding loans.

But you’re not alone if you’re feeling surrounded and need a way forward. A growing number of those 55-and-above have been using bankruptcy in the last two decades to get sound financial footing. And the crowd gets bigger if you’re in the 65 to 71 range. Your age group has seen a 204% jump in bankruptcy filings since 1991. And the reason remains the same. 60% of those filers were unable to handle the price tag that came with medical care.

While bankruptcy may not be able to cure every problem on your books, it can offer respite from some serious concerns. It’s important to understand what bankruptcy can handle, and you could finally be able to listen to the doctor’s orders for a bit of rest.