Declaring medical bankruptcy is not easy and straightforward. Medical debt may be tied to personal property (secured debt), in which case the debt is not eliminated but rather processed into a debt repayment plan. In most cases, loved ones will need to step in and help pay for the medical costs. This financial burden placed on loved ones is stressful and difficult.
Protect Your Loved Ones
Your family, friends, and relatives will always be there to help you through thick and thin. They will gladly help you because loved ones instinctively look after one another. However, you should do your part to eliminate undue financial hardships that may be placed on them if you ever become seriously ill or disabled. This is both a financial and moral obligation.
The good news is that you CAN protect your loved ones from financial burdens. The best way, which is also the most obvious, is to protect yourself from the risk of medical bankruptcy. There are ways to pay for long-term care costs, but it’s important to plan ahead. There are also ways to protect your home and assets while allowing state entitlement programs to cover your costs.