Options for financial relief for medical debt from diabetes

 Posted on July 07, 2023 in Medical Debt and Bankruptcy

For decades, many people have been successfully managing diabetes. As a result, others may forget about the seriousness of the illness and what treatment requires for sufferers.

Recent experiences highlight a new growing concern among diabetes patients. Individuals may not only find themselves with physical struggles but with financial ones as well.

An overlooked consequence of the illness

Diabetes affects people all around the world. However, the "Diabetes Belt" in Southern parts of this country has provided medical professionals with a concentrated demographic to study people dealing with the condition.

One "side effect" of the disease that many do not think about is the medical debts a person can amass from treatments. A study by National Public Radio discovered that over 20% have medical debt in collections in the Diabetes Belt. In one county, the number neared 40%, which far outpaces the national average of 13%.

Tips for managing medical debt

Chronic health conditions are the most significant predictor of a community's level of medical debt. Also, diabetes is a disorder that tends to be prevalent among people with economic difficulties.

Families are not without options for managing medical bills. The following pointers may help:

• Organizing and reviewing statements to dispute mistakes and overbilling
• Using a tax-free Flexible Spending Account or Health Savings Account
• Deducting medical costs if they exceed 10% of one's adjusted gross income
• Negotiating a payment plan with the medical provider

Even after all these steps, a person's medical debt may be too much to bear. In such cases, bankruptcy can provide relief.

Taking time to review the options that exist for managing or eliminating medical debt can benefit individuals coping with diabetes. Careful research and professional guidance can often help households determine how to move forward and reduce the financial burden.