Insurance Isn’t Enough: Addressing Medical Debt

Insurance is a critical safeguard for health, but it often falls short. Despite improvements under policies like the Inflation Reduction Act, many Americans still face medical debt. Surveys indicate that even insured individuals aren’t fully protected from medical debt. One respondent shared that despite health insurance, the financial burden remained overwhelming. Insurance didn’t cover everything, causing stress for the entire family.

Our research delves into the interplay between health insurance and ongoing medical debt. We collaborated with partners to recommend actions for hospitals and employers. Hospitals and employers play pivotal roles in addressing this issue by revising financial assistance policies. These entities can also prorate premiums to keep workers healthy.

Key findings from our studies reveal troubling statistics. A significant portion of insured individuals still incur medical debt. Many resort to borrowing from friends or using credit cards to pay medical bills. Alarmingly, over half of those with medical debt delay necessary healthcare due to costs. A majority are unaware of available hospital financial assistance programs.

Further, employees often struggle to understand their health insurance coverage and medical bills. This confusion compounds the stress and financial strain, especially for those with low incomes. Adequate health insurance should mitigate these issues, but gaps remain. Hospitals and employers have a crucial role in closing these gaps.

To address medical debt effectively, comprehensive strategies are necessary. Short-term and long-term solutions are required, demanding collaboration from all stakeholders. Hospitals can enhance financial assistance accessibility. Employers must ensure benefits and premiums are fair and supportive of employee health.

We are committed to solving these challenges. We are dedicated to offering resources and assistance for denied healthcare claims. We aim to relieve the burden of medical debt and secure rightful payments for those in need. Partnering together, we can navigate and mitigate the complexities of medical debt, ensuring better financial and health outcomes for everyone.