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Medical Bills Are Still One of the Leading Causes of Bankruptcies in the U.S.

Even after the introduction of the Affordable Care Act, Americans are still struggling to afford healthcare coverage and medical expenses. In fact, medical bills are still the leading cause of bankruptcies for people in the United States, ahead of bankruptcies filings caused by credit card bills and unpaid mortgages. On average, more than 1.5 million Americans will file for bankruptcy each year. Additionally, another 50 million adults in the United States between the ages of 19 and 64 will struggle with medical bills and expenses annually.

And although lawmakers in Washington are working to make healthcare more manageable for American citizens, the cost of healthcare continues to rise. Whether the increase comes from coverage options, treatment costs, or pharmaceutical drugs, people are finding it difficult to afford with the average out of pocket costs for most health insurance plans being between $5,000 and $10,000 and nearly 75% of Americans earning less than $50,000 a year from their employers.

To combat this pressing issue, companies in the private sector are taking the initiative to reinvent the healthcare landscape for those struggling to afford healthcare. Companies like Hooray Health are working to lower monthly premiums, prescriptions, and out of pocket costs for working-age adults, their families, and businesses alike. They utilize a network of thousands of retail clinic and urgent care centers in more than 40 states to provide fast, affordable, and convenient coverage for their members who can have their basic medical needs taken care of for a low-cost copay and no surprise bills while using providers in the Hooray Health network.

For businesses, they offer larger cost-sharing coverage options that allow small and large companies to provide coverage for large medical needs with lower costs than other plans on the market with options to suit your budget.

And when members are on the run, they can use the Hooray Health mobile app to contact their member support, medical concierge, and telemedicine services that are all available 24/7 to help members maintain their plan, find a provider, or speak with a U.S. board-certified physician about their symptoms, having their prescription for basic illnesses called in right to their pharmacy; all for a $0 consult fee.

Through their work and companies like them, Hooray Health is reinventing the way Americans receive healthcare by disrupting industry standards. And through their work, potentially lowering the number of bankruptcies caused by medical expenses each year.

A Note from CEO Shane Foss

“Hooray Health’s ancillary benefits are designed to enhance employee care with the coverage that matters most. Instead of breaking the bank on expensive and unnecessary options, Hooray puts employee needs first at the lowest cost possible. It’s the best way we’ve found to support average Americans afford quality care.
If you’re curious about how Hooray Health can support your team, click the link below and you can set up a call with Christopher White, our Director of Strategic Consulting, for a brief introductory call.”