The problem of medical debts for seniors
People who are growing older in Florida may want to take steps to minimize the amount of medical debt that they might face after they retire. There are several things that individuals can do to minimize their medical debts post-retirement.
Couples who are older may have to pay as much as $350,000 in medical bills after they are past age 65. Older people may want to talk to financial advisers about how to prepare for retirement so that they will have the savings in place to pay for their expected medical costs. They also should make certain that they enroll in Medicare on time to avoid having to pay late-enrollment fees.
Many seniors make the mistake of charging medical debts on their credit cards. This means that they will be assessed potentially high rates of interest on their balances. Seniors should instead talk to their medical providers and request payment plans. When they receive medical bills, it is important for them to review the documents carefully. Studies have shown that up to 49 percent of medical bills are incorrect. Overcharges can be challenged.
In some cases, older people may be overwhelmed by their credit card debts, medical bills and other unsecured debts. Those who find themselves in this situation might want to consider filing for bankruptcy. Chapter 13 bankruptcy may allow individuals to keep more of their property while giving them time to pay a portion of their debts at lower interest rates. Bankruptcy lawyers may help their clients determine whether bankruptcy is an appropriate option for them. Attorneys also may provide guidance about the type of bankruptcy that might best address their clients’ financial situations so that they may enjoy fresh financial starts.