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Save money on healthcare cost to reduce debt in retirement

Healthcare costs are among the most significant financial concerns for senior citizens. When Mississippi seniors retire, they typically lose their employer-sponsored health insurance and depend on Medicare to cover healthcare costs. Although Medicare covers many of the medical expenses seniors face, it also includes deductibles for inpatient care and coinsurance for outpatient treatment. Fortunately, there are some things seniors can do to minimize their out-of-pocket costs and avoid excessive medical debt.

Different ways to obtain debt relief

Up to 80 percent of Americans living in Mississippi and throughout the country have some form of debt. However, for some, that debt may become too large to manage in an effective manner. To start the process of lowering credit card and other balances, it is important to understand the different options available to achieve that goal. One such option is to apply for a personal loan.

Medical debt is a growing problem among younger people

Injuries and illnesses too often impose financial hardship on people in Mississippi. In addition to the physical pain, medical bills quickly absorb savings and force people to use their credit cards. The Commonwealth Fund reported that about one-third of consumers used credit cards for medical bills in 2014. For 44 percent of these people, that act produced a negative result on their credit scores. Younger people in the Millennial generation have begun to feel the pinch as well. A survey of Millennials in 2016 found that 74 percent of respondents had unpaid medical bills.

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O'Brien Law Firm, LLC
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Southaven, MS 38671

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