Paul J. Minnillo, an attorney at our firm Minnillo & Jenkins, recently spoke to a reporter at the Dayton Daily News about the ways in which the Affordable Care Act (ACA) may or may not help Americans avoid significant financial hardships.
America's elderly are struggling with consequences of medical debt
We all age in different ways. One 85-year-old man runs marathons while another is wheelchair-bound due primarily to the inevitable aging of his body. But no matter how we age, it tends to be an unavoidable truth that we require more medical care as we advance significantly into our elderly years. It is of little surprise then that both the New York Times and Wall Street Journal have both recently published stories about how more elderly Americans than ever are grappling with unmanageable medical bills.
More medical debt often means less medical care
When an individual's debt becomes overwhelming, everyday decision making can be affected by that reality. People struggling with debt may have less active social lives because they are trying to avoid spending money out on the town. College students may consciously try to eat every meal in the cafeteria in order to avoid food costs not associated with pre-paid meal plans. And, as a recent study confirms, people navigating debt challenges including medical bills and credit card debt are more likely to forego or delay necessary medical care.
Medical Bills Can Wreak Havoc on Credit Score
While most Ohio residents usually associate credit scores with credit cards, other financial issues can play a huge role in the credit score process as well. According to a recent article in the New York Times, one of those issues is the effect of unpaid medical bills. While medical costs are usually very much out of a person's control, their effects can be just as devastating on a person's financial well being.
