SPRINGFIELD, Mo. (KY3) - More Americans are voicing concerns that large medical bills could cause them to go in debt.
Concern about medical expenses these days is likely tied to many of the same financial concerns brought on by the COVID-19 pandemic.
According to a new Gallop poll, nearly half of Americans say they are worried a major health event could lead the into bankruptcy. That number is up by about 5 percent from last year before the pandemic started.
”Employers are hypersensitive about this from a couple different angles,” said Trevor Croley with Croley Insurance and Financial. “Unfortunately we’ve seen both sides of this. Employers are wanting to add health benefits for their employees and on the opposite end of it, but unfortunately, due to financial reasons, some employers are having to let people go.”
Croley said he has had an uptick of people calling during the pandemic trying to scramble and figure out ways to get new policies after job layoffs or other financial issues.
“I think the disconnect for a lot of people is that they go in and don’t make any planned discussions or planned moves when it comes to it,” he said.
Croley said not planning ahead can have serious consequences.
”After a surgery or after a medical procedure that’s when people start worrying, so how much do I owe?”
But he said people should be asking that question beforehand. Croley said even without COVID-19, people need to prepare ahead of time.
“It’s all about being preemptive with it, anticipating what’s going on and proactively working with their providers,” he said.
Medical expenses can often lead to debt, Croley said.
”One of the most common ways people have to unfortunately declare bankruptcy is due to medical expenses,” he said. “Obviously, it can be very expensive and a lot of times it’s unforeseen.”
A Mercy Hospital spokesperson said the hospital tries to work with patients to make sure they can get the help they need and get it paid for. The hospital spokesperson said Mercy partners with local banks to offer a no-interest loan option to help patients manage their budgets.
“Mercy recognizes that even insured patients can be caught off guard by an unexpected medical bill,” spokeswoman Sonya Kullmann said. “Whenever patients have a bill they can’t pay immediately, we urge them to call us and we’ll work to give them repayment options.”
Croley said it is also very important that people set aside a rainy day fund and make sure there is enough money in that fund for when an emergency happens.
Copyright 2020 KY3. All rights reserved.
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Poll says more Americans concerned over expensive medical bills causing debt, experts weigh in - KYTV
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