Medical Debt – Part 2
Medical debt is rising.
According to the Consumer Financial Protection Bureau, medical collections appear on 43 million credit reports. They account for $88 billion in medical debt. Yet research shows that medical debt does not predict a person’s credit risk. In fact, beginning July 1, Equifax, Experian and TransUnion will no longer include medical debt that was paid off after being sent to collections. This will help many Americans. Expect to hear more about this in the future.
Prevention is key to avoiding any kind of debt. Actively build an emergency fund so you’re prepared for the unexpected. If available, enroll in a Health Savings Account at work. Your deposits are tax-deductible and can be used to cover medical, dental, or vision costs. If you have medical debt, don’t lose hope. God can provide resources in surprising ways. I’ve seen it happen to others and have experienced it myself. Ask Him to provide or stretch the resources you have because he is able!
When we experience financial stress, we learn to have compassion for others. Many people struggle with medical conditions and debt that are worse than we can imagine. Someone you know may need emotional and prayer support. And, remember “…do’t be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. And the peace of God, which surpasses all understanding, will guard your hearts and your minds in Christ Jesus.” (Philippians 4:6-7)
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