Medical debt

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Medical debt

Medical debt (/ˈmɛdɪkəl dɛt/) is a term used to describe the money owed due to health care costs. It is a significant issue in many countries, particularly in those without universal health care.

Etymology

The term "medical debt" is derived from the words "medical", relating to the science of medicine, and "debt", which refers to an amount of money that is owed or due.

Definition

Medical debt is the outstanding debt incurred by individuals due to health care costs. This can include, but is not limited to, hospital stays, surgeries, prescriptions, and other medical procedures and treatments. Medical debt can result from both insured and uninsured medical procedures.

Causes

Medical debt can be caused by a variety of factors. These can include high cost of medical care, lack of health insurance, inadequate insurance coverage, and unexpected health issues or emergencies.

Consequences

The consequences of medical debt can be severe and far-reaching. It can lead to bankruptcy, damage to credit scores, and significant financial stress. In some cases, it can also result in individuals avoiding necessary medical care due to cost.

Related terms

  • Health insurance: A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
  • Bankruptcy: A legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
  • Credit score: A numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.

External links

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