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I had 3 USA friends lose their homes / farms to medical expenses.
They died within 2 yrs, the spouse was (still is) homeless.
I'm not understanding how this happens that someone loses their home to medical expenses. No insurance? Even so what can a hospital do if you have a $500K bill and can't pay it? Take you to court? Get a judgment against you?
Very sad when people work hard their whole lives and then wind up like this.
I'm not understanding how this happens that someone loses their home to medical expenses. No insurance? Even so what can a hospital do if you have a $500K bill and can't pay it? Take you to court? Get a judgment against you?
Very sad when people work hard their whole lives and then wind up like this.
I don't understand this either. What are they going to do to you? Debtors prison?
I know of one couple that is selling their home because of illness, but they are going the alternative treatment route that isn't covered by insurance.
Better idea is to contact your Congress people both Senators and Representative and advocate for Universal health care like the rest of the developed countries have. Even Mexico has had Universal health care since 2012. Tell your representative to support HR 676. Tell your Senators to work with Bernie Sanders on Universal Health Care. No one should have to go broke because they got sick.
It's well and good to advocate for whatever political solution you think is in order, but any success with that may not come for years, if ever. Therefore, it's probably not a "better idea" to write to elected representatives (even though it may be a very good idea) because what are you going to do in the meantime, whlie waiting? As stated by the other poster, the "better idea" is to have health insurance.
Yeah once your health fails you you're dead in the water. Stuff is just stuff...it comes and goes and you don't take any of it with you anyway whether you're Bill Gates or some guy begging for change outside the train station.
This is the challenge we are all at risk of having to confront at some point. We can if possible prepare and try to minimize the risk but health care can be overwhelming.
I'm not understanding how this happens that someone loses their home to medical expenses. No insurance? Even so what can a hospital do if you have a $500K bill and can't pay it? Take you to court? Get a judgment against you?
Very sad when people work hard their whole lives and then wind up like this.
You can reach a point where your credit is destroyed and you are above Medicaid levels and new health providers will not accept/take you on.
I don't understand this either. What are they going to do to you? Debtors prison?
I know of one couple that is selling their home because of illness, but they are going the alternative treatment route that isn't covered by insurance.
I think they took out a mortgage on their paid for home and now can't make the mortgage payment or perhaps the upkeep and property taxes.
Medical insurance is just not all that expensive for those of us old enough to truly retire. Now, if we're talking a 55 year old who jumped the gun, that is a little different. A lot of people that age don't truly understand what they are doing to themselves by retiring early. And at age 55 the door to retirement can be a one-way door.
Sad story. They needed expert advice and apparently didn't get any. They could most likely have avoided this whole thing by NOT mortgaging the house, and then filing for bankruptcy. Most states have laws that protect your primary residence in bankruptcy. That's a shame.
Yes, NEVER turn unsecured loans into secured loans. Never put a mortgage on your home that you can't afford to pay in order to pay off medical, credit cards, or any other unsecured loans that would be forgiven if you have to file for bankruptcy.
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