September 14, 2015
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Several American insurance consumers are at the same time experiencing unexpected medical expense reflected in their statements when their medical credit reports arrived. Literature reviews reveal that this kind of surprise results of the dilemma which is difficult to be dealt with considering a large number of consumers are not economically well-off. One in every three consumers does not have the extra monetary resource to pay for the excess amounts, as reported by the Kaiser Family Foundation last year. Subsequently, a report released by Bankrate the following year, says that only 38% of these insurance consumers have on-hand savings or check accounts to pay for the unexpected account statements.
The survey results of Consumer Reports National Research Center showed that one-third of American insurance consumers received surprising medical bills over the past two years. These bills are outraging considering the figures reflected are higher than the amount of their actual health plan. Because medical related debts are popular rapid collectors, several consumers are facing debts. According to the 2014 Consumer Financial Protection Bureau study, one in every five consumers is holding financial obligations towards his/her medical account with an average amount of $579.
