Dealing With Medical Debt

Sep 26, 2018

Actress Dawn Wells, homespun Mary Ann on the 1960’s sitcom Gilligan’s Island, lost a lot of money in the 2008 financial crisis — a setback compounded this year when she broke her knee in an accident and underwent an expensive surgery. The resulting medical bills left the 79-year-old actress financially strapped. Fortunately, fans rallied to her aid with an online campaign that raised money to pay her medical debt.

A major medical expense can occur without warning, even straining the financial resources of people who don’t already have money troubles — and few of us can rely on a fanbase to help us out. Consider the case of Crystal Roberts, who in 2015 was transported to a hospital in Texas for three hours of lab tests and x-rays following a minor car accident. Because she was uninsured, the hospital charged Crystal full price: $11,037.35. (She sued, arguing that the charges were unreasonable — and won.)

According to a 2016 study from the Kaiser Family Foundation, medical debt is an equal-opportunity destroyer, hitting not only the uninsured but the insured as well. It also affects people across the financial spectrum, from low-income to upper-income.

End of preview. Please subscribe to read more.

Already a subscriber? Log in here.

Continue reading plus get access to our
objective, time-tested investing strategies.

Get access to Sound Mind Investing’s articles and investing
strategies for as little as $0.32 a day.

See subscription options

Not Quite Ready to Become a Member? No Problem, We Still Have Something for You!

Watch our FREE 20-minute video workshop
and learn how to secure profits and achieve
peace of mind, even amidst market volatility.

What You'll Learn:

Strategies to Expand Your Portfolio: Learn effective ways to grow your investments while minimizing risk during market downturns.
Introducing a Dependable Investment System: Get acquainted with a proven, step-by-step investing approach that has delivered solid returns for thousands of our members.
Mastering Market Cycles: Understand why navigating bear markets is crucial for long-term success, and how to do it effectively.

Start securing your future today.
This free workshop is the perfect place to start.

Written by

Joseph Slife

Joseph Slife

Joseph Slife has been a news writer for the Associated Press, a college instructor, and a radio host. He and his wife Joye have three grown sons.

Revolutionize Your Investing Approach

Unlock Your Wealth-Building Potential with Sound Mind Investing

Don't leave your investments to chance. Let Sound Mind Investing guide you to financial success. Experience the power of our simple, rules-based strategies and see your wealth grow.

Unlock your wealth-building potential for as little as $0.32 a day.