We all age in different ways. One 85-year-old man runs marathons while another is wheelchair-bound due primarily to the inevitable aging of his body. But no matter how we age, it tends to be an unavoidable truth that we require more medical care as we advance significantly into our elderly years. It is of little surprise then that both the New York Times and Wall Street Journal have both recently published stories about how more elderly Americans than ever are grappling with unmanageable medical bills.
The number of elderly Americans living in the United States is rising. The costs of medical care are rising. Americans are living longer than ever, on average. And more elderly Americans than ever are struggling to pay the medical bills that they have acquired simply by trying to remain as healthy as possible.
Elderly Americans are also struggling with more substantial credit card balances and general unsecured debt than ever as well. Pairing this debt load with medical debt can be a recipe for a very unstable financial situation. As a result, more elderly Americans are choosing to file for bankruptcy, to consolidate their debts and use other debt-reduction strategies as effectively as possible.
If you are elderly and are struggling with debt or have an elderly loved one who is struggling, it may greatly benefit you to consult the services of an experienced attorney. Your problem is common and is no cause for shame. Overwhelming medical debt is now the primary reason why individuals in America file for personal bankruptcy. If filing for bankruptcy is the best option for your unique circumstances, it will benefit you to consider it.
Source: Wall Street Journal Market Watch, “Medical debt snares more retirees,” Matthew Heimer, Oct. 14, 2013