With Copays Rising, Is Bankruptcy Your Best Medicine?

One of the most common reasons homeowners are finding themselves needing foreclosure help is the cost of medical bills. People already struggling through hard times to pay for medication may have to struggle a little more, as the Associate Press reported on November 16, 2011, that a report from Avalare Health found that copays for preferred brand-name drugs would increase by 40 percent on average next year. Non-preferred brands will average nearly 30 percent more.

However, the AP said that copays for generics will remain stable for preferred drugs, and go down for non-preferred. The annual open enrollment period for senior citizens to change their Medicare prescription plan ends December 7. The AP said monthly premiums for Medicare drug plans are expected to average about the same next year.

On November 3, 2011, the Free Republic reported that the American Journal of Medicine said medical bills are a factor in more than 60 percent of the personal bankruptcies in the United States. Furthermore, approximately 75 percent of bankruptcies that were caused by medical bills involved individuals that actually did have health insurance.

If past medical bills or the rising costs of medication are making it difficult to pay your mortgage, you should know that our Chicago bankruptcy attorney can help you consolidate, reorganize or even eliminate your debt through a Chapter 7 or Chapter 13 bankruptcy.

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