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So you’re proving the point, if you have excellent insurance you won’t have the debt. But most people don’t have plans like that. It really doesn’t matter what the total was, it mattered that I was burdened by the $14,000 because I’d been out of work for 10 months because of the back. I lived on my Roth, credit cards and emergency savings and an $1800 month disability policy. I was 55, and it set me back years in terms of saving for retirement. It matters that as the years go by I am looking at multiple spine problems and joint problems because I have arthritis everywhere, and if I have to pay 14,000 or 30,000 every year I will be eating cat food in my old age. This is the problem, everyone’s healthcare is not created equally. Many people go broke because of medical bills.
Medical debt is the number one reason for bankruptcy in this country.
If you don’t have $14,000 to where a sudden hospital bill (that they’ll take payments for 15 years for) will absolutely destroy your life and retirement as you’ve inferred that is totally on you. Do you even have a nest egg? I’m not trying to be rude. 14k a year let’s say isn’t a terrible financial burden for healthcare for an average retiree.
Again, what was the total bill minus this 14k??? Why won’t you tell us? Let’s be conservative and say your total hospital bill was $200k. Minus 14k would be insurance paying out $186,000 or 7% out of pocket you’d have paid. To me, that’s pretty good insurance. Not the best but not terrible at all, IMO in that theoretical situation.
So you’re proving the point, if you have excellent insurance you won’t have the debt. But most people don’t have plans like that. It really doesn’t matter what the total was, it mattered that I was burdened by the $14,000 because I’d been out of work for 10 months because of the back. I lived on my Roth, credit cards and emergency savings and an $1800 month disability policy. I was 55, and it set me back years in terms of saving for retirement. It matters that as the years go by I am looking at multiple spine problems and joint problems because I have arthritis everywhere, and if I have to pay 14,000 or 30,000 every year I will be eating cat food in my old age. This is the problem, everyone’s healthcare is not created equally. Many people go broke because of medical bills.
Medical debt is the number one reason for bankruptcy in this country.
So if it was a burden why not declare bankruptcy yourself? Ditch the medical/credit card bills and you get back on your feet debt free.
So you’re proving the point, if you have excellent insurance you won’t have the debt. But most people don’t have plans like that. It really doesn’t matter what the total was, it mattered that I was burdened by the $14,000 because I’d been out of work for 10 months because of the back. I lived on my Roth, credit cards and emergency savings and an $1800 month disability policy. I was 55, and it set me back years in terms of saving for retirement. It matters that as the years go by I am looking at multiple spine problems and joint problems because I have arthritis everywhere, and if I have to pay 14,000 or 30,000 every year I will be eating cat food in my old age. This is the problem, everyone’s healthcare is not created equally. Many people go broke because of medical bills.
Medical debt is the number one reason for bankruptcy in this country.
How come you didn't file for charity care? You should have qualified with no income coming in. My hub qualified when he was out of work for 7 months with temporary disability.
Quote:
Originally Posted by Wile E. Coyote
I don't see it happening on a wholesale basis. If there are 45 million student loans and $10,000 was forgiven that is $450 billion. If it was 45 million times $50,000,000 that's $2.5 trillion (someone check my math). I think this patchwork fix they are talking about for people that signed up for certain types of loans or worked a specific career for loan forgiveness is what they are going to do. But, I guess we will find out.
I'm on my way out, haven't fully read this yet, just heard it on the radio so I googled real quick. I'm not surprised.
Erasing $50,000 in federal student loan debt by executive order appears to be off the table as President Joe Biden continues to evaluate some sort of debt relief amid mounting pressure from fellow Democrats.
While speaking with reporters Thursday, President Biden was asked about using executive authority to cancel student loan debt. He responded, saying he “is not considering $50,000 debt reduction.”
Forgiving $50,000 in student loan debt is one of the larger student loan forgiveness proposals that has been suggested by lawmakers, including Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA).
It’s not necessarily a surprise that Biden isn’t considering $50,000 per borrower — while on the campaign trail, Biden supported a much smaller plan of up to $10,000 in forgiveness per borrower.
Under the Biden administration, roughly $17 billion in federal student loan debt has been canceled for some 725,000 borrowers. On Thursday, the Department of Education announced another $238 million in student loan relief for roughly 28,000 borrowers defrauded by Marinello Schools of Beauty.
While that may seem like a lot, that $17 billion in total relief actually equates to about 1% of the $1.6 trillion in federal student debt Americans have.
Lol don't expect **** in relief. Those midterms are coming, they're just trying to butter up the younger crowd even more.
It just cracks me up how stupid as a party dems can be.
When/where would this stop? I would absolutely stop paying my mortgage. And I'm sure the class action lawsuit for all of the borrowers' who paid back all their loans to be re-imbursed it would take 150 years to clear the courts it would be so huge, lol.
How come you didn't file for charity care? You should have qualified with no income coming in. My hub qualified when he was out of work for 7 months with temporary disability.
I don't understand the inconsistent thinking here. You are okay with not paying your medical debt but not okay with someone else not paying college debt.
OCNJGIRL paid her debt. She had disability income (your husband didn't?) and used her savings.
I don't understand the inconsistent thinking here. You are okay with not paying your medical debt but not okay with someone else not paying college debt.
OCNJGIRL paid her debt. She had disability income (your husband didn't?) and used her savings.
Did you not read where I said he had temporary disability? Do you really think disability pays that much?
There is medical charity care for a reason. I don't normally need it, had never used it ever, but yes, we needed to.
My husband had stage 4 cancer. He had a big surgery where they removed a tonsil plus a bunch of lymph nodes, they also did a feeding tube. That surgery ate up his insurance but so did the 3 hospitalizations for chemo along with 33 radiation treatments to his mouth/throat plus the many body scans and blood tests etc he needed in those 6 months of fighting. Insurance paid everything except $75k, so you can imagine how much of a bill he ran up. I'm sure we put out at least $10k in copays and balances that insurance didn't cover. We used to have way over $15k of medical deductions back then. If you want to know exactly how much we paid out of pocket, I'm sure the income taxes from 2009 have not been thrown out where I added up all the medical we paid with whatever savings I had from my fathers death.
There was no way we were paying it. The hospital agreed that we qualified. Had we not qualified we probably would have had to file bankruptcy, especially when his company of 25+ years filed bankruptcy, closing down not long after he started working again.
We used up our retirement paying to live while he didn't work. We have a mortgage that disability wouldn't cover much of, plus township taxes, pharmacy bill over a few thousand because back then, you max it out, they stopped paying. My pharmacy bill was $10k a year back then just for myself. I want to say his was probably $5k, I spared no expense with his meds because he was so sick. We paid the majority of our medical debt too
I hope you never get cancer like he did and need to file charity care since you're so interested in what I did.
College is a choice. His cancer was not. My husband and I did not go to college because we couldn't afford it. We paid our debt with my son's $20k a year plus my daughters community college was paid as money was available, no loan. Everyone else who chose to go to college should pay their loans.
Quote:
Originally Posted by Mister 7
Lol don't expect **** in relief. Those midterms are coming, they're just trying to butter up the younger crowd even more.
It just cracks me up how stupid as a party dems can be.
When/where would this stop? I would absolutely stop paying my mortgage. And I'm sure the class action lawsuit for all of the borrowers' who paid back all their loans to be re-imbursed it would take 150 years to clear the courts it would be so huge, lol.
Yeah, everyone is waiting for Biden to tell us this huge secret he has about canceling student loan debt. He claims there will be more forgiveness but he's not ready to give an answer on what exactly that will be except that he said he's considering dealing with some debt reduction.
Also from that article -
Quote:
“The majority of Americans do not have college degrees,” Sen. Mike Braun (R-IN) said in a press release regarding the legislation, called the Stop Reckless Student Loan Actions Act. “Why should they be forced to pick up the tab for college degrees in the name of pandemic relief? This transfer of wealth is not a move to ‘advance equity,’ but rather a taxpayer handout to appease far-left activists.”
If you don’t have $14,000 to where a sudden hospital bill (that they’ll take payments for 15 years for) will absolutely destroy your life and retirement as you’ve inferred that is totally on you. Do you even have a nest egg? I’m not trying to be rude. 14k a year let’s say isn’t a terrible financial burden for healthcare for an average retiree.
Again, what was the total bill minus this 14k??? Why won’t you tell us? Let’s be conservative and say your total hospital bill was $200k. Minus 14k would be insurance paying out $186,000 or 7% out of pocket you’d have paid. To me, that’s pretty good insurance. Not the best but not terrible at all, IMO in that theoretical situation.
I did. As I said, I lived on my emergency savings, my Roth and credit cards during the 10 months out of work. Aside from living expenses and co-pays, I also couldn't drive, so every appointment (PT 3x/week, pain mgmt, ortho) I had to take Uber. Plus $50 co-pay for each visit. So it cost me about $1000 a month more than my normal living expenses, at a time when I couldn't work. Later $250 each for 4 epidurals, that I didn't even want (none helped) but pain mgmt made me get if I wanted to get pain meds...I think epidurals are a cash cow for them). It set me back years in terms of saving for retirement. And I had a wrong diagnosis for the first 4 months or so, so all the money I spent in PT co-pays was wasted. And I had to start again after my doc finally agreed to an MRI and I got the right diagnosis.
I don't think it matters what the total is. The issue is medical debt. If people can't afford what they end up having to pay, what does it matter how much the total of the bills was? I honestly don't know what the total was. But it didn't matter to my financial situation.
So if it was a burden why not declare bankruptcy yourself? Ditch the medical/credit card bills and you get back on your feet debt free.
Because having good credit is important, too. Plus I didn't let the debt accumulate, I paid it as bills came in. And they probably wouldn't have wiped it out, but put me on a chapter 13 repayment plan once I started back to work. So in the end no difference. So my credit would be ruined and I'd have to pay it anyway.
Did you not read where I said he had temporary disability? Do you really think disability pays that much?
There is medical charity care for a reason. I don't normally need it, had never used it ever, but yes, we needed to.
I don't have any problem with your husband getting his medical debt to go away. But just like college loans, many of us have had to set up payment plans with hospitals and doctors, cash in IRA's, put meds on credit cards, etc. Some work two jobs.
I'm not saying I'm for the college loan forgiveness, just saying that any type of loan forgiveness for a family can be life changing.
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Easy HUGE student loans are what got us here. Forgiving them will only encourage more abuse by colleges. FIRST there needs to be a class action suit against the colleges that sold the overpriced degrees, lending institutions must recover the money they lent out. SECOND, cost of college degrees must be in relation to the ROI, i.e., can the student reasonably be expected to get a job AND be able to payback any loans. Higher loans for medical professional degrees.....and not so much for PHDs in Underwater Basket Weaving, Feminist Studies, 19th Century French Philosophy, etc. You want a VANITY ELITE degree the gives you NO MARKETABLE SKILLS, you better have rich parents.
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