How Bankruptcy Affects Caring for Older Relatives

The Burden of Unmanagable Medical Debt 

There is no doubt that the United States has the best healthcare system in the world. There is also no doubt that the cost of healthcare is higher than it has ever been before. With advances in healthcare happening daily and newer information about nutrition, exercise, and day-to-day health decisions, there are many reasons why people are living longer than they ever have before.

But, despite all the good that our healthcare system has created, there are a few big problems. Noticeably, countless Americans live under the shadow of heavy medical debt that seems completely unmanageable.

Retirees Often File Bankruptcy for Medical Debt

Here at Dellutri Law Group in Florida, we see quite a few retirees who are considering filing bankruptcy for excessive unpaid medical bills. There was no way these individuals could have predicted that they were going to incur hundreds, thousands, or hundreds of thousands of dollars in medical bills.

Even with private health insurance, some people still find themselves up to their ears in medical debt. Dealing with a medical emergency or situation is one thing, but the stress associated with unpaid medical debt can sometimes feel worse in its own ways. Many people find themselves facing the decision to file for bankruptcy because of medical debt in their golden years.

The Importance of Dealing With Debt Prior to Death

Some of these people talk to their children about medical debt and other forms of debt, and some do not. Either way, dealing with all debts prior to death is important as it could lead to many problems if left unresolved. Additionally, many people do not have the financial resources to sustain all of the needs that they may have during their retirement years, so they turn to credit cards to pay their medical bills.

Help Your Loved Ones Make Better Financial Decisions About Medical Debt

When the kids are involved, they could help their parents make better financial decisions. I think it is very important for retirees to share their financial information with their children. The older generation has a different mindset, and that mindset may cause them to make financial decisions that hurt their family in the long run.

The children, on the other hand, don't want to see their parents make bad financial decisions because they know the outcomes can impact the whole family. Younger generations are also usually more open-minded about exploring all of the financial options available to their parents, which is a good start. Retirees are more inclined to file for bankruptcy if they know that it is in the best interest of their family, after all.

Do you have questions about bankruptcy? Live in Florida? Dellutri Law Group has law offices across the state to make getting legal counsel simple. Contact us now to learn more.