The new proposals to restructure the Medicare program may help the federal deficit but could lead to more personal debt. The GOP plan would shift the costs of the Medicare program from the taxpayer to the individual. According to Fox news, by 2030 people could be paying for two-thirds of their healthcare costs out of pocket. The cost of healthcare won’t go down it will just get shifted. The people who will most be affected by the change in Medicare are currently under the ages of 54. Medicare typically pays health care providers less for services than people with private insurers.
Although restructuring the Medicare and Medicaid systems may help the taxpayer and lower the federal deficit it doesn’t address the exorbitant costs of medical care. Even people who do have health insurance find themselves in a deep hole of debt that a bankruptcy attorney must work to eliminate. Half of those filing for bankruptcy have reported having major health problems.
The amount of debt the average American family carries increases 8 percent annually. Bankruptcy lawyers will work for the family or individual facing financial difficulties in reducing their debt. Bankruptcy doesn’t excuse a person from their debt it just the debt more manageable along with getting rid of the harassing phone calls from creditors. A bankruptcy attorney can help the person who lost their job, the person who had serious medical problems. There are options available to the person facing crippling debt.
