Exorbitant medical bills are causing American home foreclosures and bankruptcies. Many Americans are drowning in medical debt. Personal finance expert Bill Dendy is saying, "Medical bills are the largest source of debt and collections for Americans. . In fact, 17.8% of Americans have some sort of medical bill in collections at the moment." He says medical services are more expensive in the U.S. than most other countries, mainly because of our litigious nature. Dendy gives some advice:
"Talk to those whom you're dealing with: be it the medical providers, or third party billers, or the insurance company. Realize there are often mistakes on the insurance bill...and you might NOT be liable for everything that is on that bill."
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Dendy says it's especially hard on one group. "It is the middle class that's getting hit the hardest. It's those who don't have enough money to cover a $10,000 emergency - but they make too much money to apply for Medicaid." He says high deductibles are problematic. "When you have a deductible of $10,000 per family, that's just enough to put a middle class family over the edge. And once you stop making payments, it's almost impossible to catch up."
Dendy reminds you again, don't be afraid to call your medical and insurance providers for assistance.