People who don't have health insurance can quickly build up so much medical debt that it will make your head spin. It might even make your heart skip a beat if you try to imagine how long it will take to pay down those bills. Fortunately for many Americans, the Affordable Care Act has provided a source of health insurance that's helped them sidestep the need to fall into serious medical debt in order to get the medical treatment they need to get healthy.
However, on March 24, federal lawmakers introduced a bill to repeal and replace the ACA. That bill was called the American Health Care Act, and although this repeal and replace measure was later pulled, it did cause some people to wonder if they would lose the health insurance on which they've come to rely.
Some believe that the AHCA would have affected hospital finances significantly. Here are a few noteworthy elements associated with the AHCA:
-- It would have removed the part of the ACA that required individuals to buy medical insurance or pay fees.
-- It would have created a block grant program in addition to a cap per person on the amount of Medicaid funding available.
-- Medicaid expansion would be phased out by the year 2020.
-- Fixed tax credits would be offered to Americans who own health care plans.
If you are currently suffering under a mountain of medical debt, you maybe able to get out from under it by filing for bankruptcy. An Arizona bankruptcy lawyer can assist you in evaluating your medical debt issues to determine the most appropriate debt resolution strategy to suit your needs.
Source: Becker's Hospital CFO, "What repeal of the ACA would mean for hospital finances: 11 thoughts," Morgan Haefner, accessed May 12, 2017