Understanding The High Cost of Hospital Bills

Unfortunately, there isn’t an easy answer to this question. Healthline found that a single hospital stay can cost a patient tens of thousands of dollars. NPR reports, “Even people with health insurance can land in debt; indeed, one of the biggest problems, consumer advocates said, is that so many people are underinsured, which means they can get hit with huge out-of-pocket costs from coinsurance and high deductibles.” Over the last three decades, the cost of American medical care has more than doubled even after accounting for inflation, according to the Kaiser Family Foundation.

Unpaid medical debt is handled a little differently than other types of debt Experian reports. Credit bureaus provide a grace period because medical bills are a unique type of debt. The grace period gives you time to correct errors and set up a payment plan, if necessary. Do your due diligence to understand the particulars and get help if needed. Quick action is still your key to preventing a medical bill from damaging your credit score.

If you’re concerned about the debt you may accrue during a health crisis, or perhaps you are having difficulty dealing with bills you already have, you’re not alone. NPR reports that 100 million people, including 41% of U.S. adults, have healthcare debt.