subject: Medical Debt Relief for IL Residents without Group Health Insurance [print this page] From what the most recent government surveys have shown us, nearly a third of the men and women within Illinois requesting assistance with debt relief have found their most significant troubles resulting from lapsed medical troubles. As with most of the budgetary problems that American households find themselves unable to easily deal with, credit card debt has become the reflexive safety net although taking out funds from Individual Retirement Accounts certainly concerns economists. A remarkably small percentage of the men and women surveyed, regardless if they were already enrolled in a group health insurance plan, genuinely believed that their own health care plans would be sufficient to subsidize the costs that any substantial medical treatment would likely incur.
According to these notes, what should even be more disconcerting, the majority of Illinois residents did not even know whether their Chicago group insurance policy would pay for the entirety of a specific procedure. Seems absurd that any head of household could ignore such a potentially vital ingredient of their family's financial future, but some folks are apparently so pleased and rightly so, we should add to finally have a group health insurance policy that they just don't pay attention to details like co pay charge or the annual deductible. While we do not wish to suggest that the carelessness of Illinois residents regarding their medical coverage has nearly the impact of premium costs outside the bounds of group health insurance (and the stark unavailability of individual policies), this surely has become a significant cause of our ever increasing national crisis regarding medically related personal debt balances.
Once again, however embarrassing it may seem to owe funds to a hospital, there's still never any possible financial justification for transferring the obligations to credit card debt accounts simply because you fear the disapproving stare of a nurse or feel more comfortable paying back the minimums to finance companies born to the purpose. However, a singular benefit may have developed from the insistent dependence upon credit card debt shared by so many people across our state and nation. For Illinois residents who do not have any foreseeable access towards a suitable group health insurance IL policy (or whose group health insurance plan contains deductibles out of line with their monthly expenses and available income), the advent of health care debit cards could be of some identifiable use.
At this point, credit accounts for medial bills are still in the trial stage. A pilot program has been launched by one of the leading financial institutions, but it's still restricted to only those members of existing group health insurance plans arranged through the workplace. While, still technically credit card debt, any charges upon these accounts that have their basis within medical treatment will have no interest assessed so long as the total sum is paid off in the first six months. Obviously, if you have any other option whatsoever including borrowing from friends or family, whatever the momentary shame these health care debit cards should be avoided unless you are absolutely certain that you will have sufficient funds at your disposal to satisfy the entire obligation. Otherwise, like any other credit card debt, the interest rate will climb and climb to the legislated limit and become impossible to compensate apart from bankruptcy or some other drastic measure of debt relief. As group health insurance IL programs grow harder and harder to enter, these health care cards deserve notice for those relatively few families who would truly utilize their services to aid the household economy, but they're hardly a remedy for deficient coverage.
Medical Debt Relief for IL Residents without Group Health Insurance
By: Cole
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