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Medical debt higher for uninsured independent contractors

People in New Jersey and across the country are working from home as independent contractors more than ever. It is a great option for employers because they do not have to provide office space or benefits to independent contractors. Given this, it leaves many people without health insurance, which can potentially lead to unpaid medical bills. Medical debt can be difficult to shake, even for those who do have health insurance.

For those people who work as a consultant and who have to pay for their own insurance coverage, may find it very expensive. For many people in New Jersey, namely those with a preexisting conditions, senior citizens as well as workers with families, may find health insurance out of reach. This has the potential of increasing medical debt exponentially.

At some point in time, everyone will need to see a doctor for a medical condition. Whether it is for a simple cold or something catastrophic like a car crash, without insurance, medical bills can soar. Even for many people who do carry health insurance, medical bills can be difficult to repay in these economic times because the coverage may leave mounting out-of-pocket expenses.

As a matter of fact according to a 2009 national study conducted by The American Journal of Medicine, 62.1 percent of bankruptcies filled were due to medical expenses.

It is sad to think that so many people are suffering under a heap of medical debt, but there are solutions available. Sometimes the best option for people in these situations is to consult an attorney about bankruptcy. They may be able to help in understanding the laws presiding over bankruptcy, as well as assist in choosing which chapter is best to file. Being buried under medical bills is a scary situation, but it does not have to be. There is help available to relieve the stress of medical debt.

Source: CNBC, “How to Shop for Your Own Health Care,” Nancy Colasurdo, Sept. 12, 2011

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