BOCA RATON, Fla., Sept. 27, 2019 /PRNewswire/ -- Resolvly understands that too often medical debt leads to bankruptcy. The average U.S. consumer spends more than $10,000 a year on healthcare. These medical expenses are creating extreme debt for consumers, the potential for litigation, and the threat of being buried in ongoing lawsuits.
"Few people anticipate the true cost of illness, and overestimate the adequacy of their health insurance," said Gregory Fishman, president and CEO of Resolvly, a national leading consumer debt assistance provider that specializes in medical debt.
Fishman knows this well. Resolvly exists to help the countless Americans who find themselves suddenly in deep medical debt. Working with consumer protection attorneys, Resolvly can help people suffering from medical debt to protect and enforce their legal rights against their creditors.
It's a massive issue. Here are five startling stats about medical debt in America:
- Medical debt is the No. 1 reason people in America file for bankruptcy. Two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall, according to a new study cited by CNBC.
- More than 60 percent of Americans deplete their savings to pay off medical debt. This surprisingly includes those who have medical insurance, according to a Kaiser Family Foundation and New York Times survey.
- Health insurance continues to become less affordable. Insurance entry barriers have risen along with deductibles, creating a cycle that leads to lawsuits and, according to a Harvard Medical School study, has forced millions of Americans to stop taking their medications.
- An estimated 10% of adults delay medical care due to cost. A Johns Hopkins study found that the average cost of a primary care visit is $200 and the average hospital bill exceeds $15,000. These daunting costs have led countless patients to delay medical care and literally put their lives at risk.
- Debt creates rising medical care prices. It's truly a vicious cycle. Medical debt forces the industry to raise prices in order to compensate for the difference, which ultimately creates more debt for everyone.