MANALAPAN, N.J., Oct. 16, 2024 (GLOBE NEWSWIRE) — Approximately 14 million people (6% of adults) in the U.S. owe over $1,000 in medical debt according to health policy research group KFF. The CFPB (Consumer Financial Protection Bureau) stated that about 100 million Americans owe over $220 billion in medical debt, a problem that’s compounded by medical billing complexity and the third-party vendors many healthcare organizations employ to complete that billing.
Medical debt can be overwhelming, especially when compounded with other debt loads such as credit card debt. Navicore Solutions provides a vital resource for households, providing guidance and solutions to alleviate the stress of a spiraling financial situation.
“Medical billing is often riddled with errors, including inflated or duplicative charges, fees for services the patient never received, or charges already paid,” CFPB Director Rohit Chopra said in a statement earlier this month. “The CFPB is taking action to ensure that Americans are not unfairly chased by debt collectors over unsubstantiated or invalid medical bills.”
The CFPB is focusing on the regulation of third-party medical debt collection companies, the enforcement of the ‘No Surprises Act’ which ensures that healthcare consumers do not face unjustifiably high medical debts, and that consumers are not pursued for falsified or ‘up-coded’ medical procedures.
Across the United States, 14.3% of households are carrying medical debt with the aging Boomer generation holding the most medical debt with an average of $22,000 owed. The problem of medical debt is exacerbated across all generations when there is low or no medical insurance coverage, or a household includes an individual with a disability.
“Medical debt can strike anyone at any time, throwing a household into financial uncertainty,” said Diane Gray, Navicore’s Chief Operating Officer. “Navicore offers a lifeline to those seeking actionable steps to overcome growing medical debt.”
As the medical debt issue in America mounts, CFPB asserted that all entities involved in patient collections, including debt collectors and patients themselves, must be aware of the federal laws protecting consumers. Navicore Solutions provides a help to consumers in search of a path forward.
About Navicore Solutions
Founded in 1991, Navicore Solutions is a national leader in the field of nonprofit financial counseling with a mission to strengthen the well-being of individuals and families through education, guidance, advocacy, and support.
Navicore counselors provide a wide range of services including credit counseling to consumers in need; education programs through workshops, courses and written material; debt management plan to provide relief for applicable consumers; student loan counseling for those struggling with student loan debt; and housing counseling services in the areas of rental, pre-purchase, default and reverse mortgage. The agency is an advocate of financial education helping communities achieve and maintain financial stability.
Contact:
Lori Stratford
Digital Marketing Manager
Navicore Solutions
lstratford@navicoresolutions.org
navicoresolutions.org
