Health care bills are about to become far less threatening to the financial well-being of millions of Americans.
The three major credit bureaus are erasing most medical debts from people’s credit reports, and the Biden administration is reducing or eliminating medical debt as a factor in government lending decisions.
Here’s what you need to know about medical debt now.
1 In 5 US Households Has Medical Debt
Roughly one in five U.S. households have medical debt, according to the Consumer Financial Protection Bureau. Some aren’t insured, while others struggle to pay deductibles and other cost-sharing. Insurance billing is byzantine, to say the least, and it’s easy to lose track of a bill while your insurer decides how much, or whether, to pay….