Florida ranks second in total medical debt
Florida now ranks second in the nation for total medical debt — hitting $8.2 billion — according to a new study published by NiceRX.
Texas tops the list with $14.6 billion in total medical debt.
Vermont has the lowest medical debt at $42 million.
According to Consumer Financial Protection Bureau.
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The study found that the generation where medical debt is most common is Gen X, with 16.30% of people owing money for medical expenses. Gen Z was second at $19,890.
A Analysis of the Kaiser Family Foundation earlier this year estimated that about 23 million people had medical debt in the United States
The problem is that much of the debt patients take on can be paid off with a credit card or loan, leading to even more debt.
But patients are advised that whenever they receive an invoice, review it closely to ensure that every item listed is correct and don’t be afraid to negotiate.
“Believe it or not, when someone has medical debt, a lot of these hospitals are owned by big corporations,” attorney Craig Goldenbarb said. You can actually negotiate medical debt or work out a payment plan, and it’s also good to check your insurance or check Medicare to make sure they haven’t underpaid because sometimes your health insurance deliberately or mistakenly underpaid.
Plus, starting this summer, medical debt won’t show up on your credit report for at least a year.
Starting next year, any medical debt under $500 will not be reported to the three major credit reporting agencies.