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Millennials are struggling to pay off their medical debt

Young adults are often considered to be part of the "Millennial" generation, a stretch of years that begins in the early 1980's and ends in the mid-1990's. Those born during this decade-and-a-half of time were brought up in the tech era and are generally well-versed in emerging electronics, social media and political change. They are also a group of people who are struggling to make ends meet and to pay down their debts.

A new study has suggested that contrary to what many may believe, it is the Millennial generation and not the Baby Boomer generation that is carrying the heaviest medical debt. Baby Boomers are those born in the two decades after the end of the Second World War and are now reaching their sixties and seventies. It may be common to assume that these aging individuals would be struggling more with their medical bills than young and presumably healthy people, but this is not the case.

One reason that Millennials are taking on medical debt is the fact that they simply do not have the financial fortitude to pay for everything they need. Many young people are not able to stay on their parents' insurance plans and opt not to pick up their own coverage if they cannot afford it. Without health insurance, a person may have expensive out-of-pocket costs, even for routine health services.

Medical debt is a crippling problem for many people in Tennessee, young and old alike. Debt relief options may be available to those who seek help with their financial burdens and individuals with debt problems may want to learn more about the benefits of bankruptcy.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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