Medical Debt Becoming a Pandemic That Infects All Our Finances

  • By admin,

Most people living in Texas have jobs that do not offer proper health insurance. The Medicaid offered to Texans is limited to poverty-stricken children and people with disabilities. Moreover, it covers the elderlies having no source of income.
So, the other half of the population living in poverty has no help from the government. Therefore, it leads to an overbearing of medical bills!

Unpaid Medical Bills in America

According to debt collectors, there is about $140 billion in unpaid bills in the medical sector. It refers to around 17.8% of Americans!
This report was sourced from credit reports at TransUnion. Hence, alluding to the huge medical bills’ debt accumulation. Americans owe an enormous amount in medical bills than any other debt.

Aftermath of Medical Debt

Presenting people with such debts makes them stop visiting their doctor. Therefore, worsening their medical condition and mental health.
Eventually, they become terminally ill, and the hospital is bound to treat them.
Even then, the expansion of Medicaid ensured a drop of 44% from 2009 to 2020.
It also contributed to the improvement of economic activity, profits, and population health. Therefore, having a bill for the federal government saves more money than any uncompensated care.

Expanding Medicaid to the Poor

Expanding government help to the poor will save money and improve lives. Moreover, it can boost the economy without unleashing a huge debt.
And most importantly, it shows compassion towards the poor.
Hearing the less fortunate reiterate how saving their lives cost them everything should be humanely impossible. Therefore, instead of having a commercial attitude towards medical care, the government needs to be a safety net.

The Solution to Medical Debt

Providing health coverage to the 1.27 million people living in Texas will ensure a positive lifestyle.
Receiving a $5.4 billion federal fund will offer $600 million in the medical. Therefore, it will generate a new state revenue that helps in effectively expanding Medicaid.
This way, every sick individual will have access to care without worrying about losing their livelihood.