Three Year Delay for Implementation if Health Care Reform Package Passes

poster1 — Sun, 07 Feb 2010 11:20:05 +0000

As many Americans continue to desperately struggle with health care expenses, the debate over health care reform becomes more intense. The United States Chamber of Commerce, the national umbrella organization for local chamber associations, posts updates on its website regarding their opposition to the proposed measures taken for health care and consumer reform. Like most organizations, they will concede that reform in both areas is needed; they just disagree on how that reform should be accomplished. Thus, the debate continues. Even assuming that the President is successful in getting his reform package pushed through Congress, commentators are warning people that most of the programs will not be in full force until three years later. If you were holding your breath that reform would come sometime soon, you may need to develop a new game plan, especially if medical bills are strapping your finances.

The first step is to know what and who you owe. Medical bills are a slightly different beast than credit card bills in that they seem to come out of nowhere. A friend of mind still laments her trip to the emergency room three years ago when she broke her ankle. Within a few months she was receiving a plethora of bills from companies and people she never remembered meeting: a radiologist, the hospital, the company that did her blood work, and the even the nurse that gave her an aspirin. They don’t come in on a planned monthly schedule. They pile on you like a stack of bricks from the sky. It can be difficult to actually determine who you owe and how much you owe when your care has involved multiple services. So, start by organizing what you have with a simple binder and some inexpensive tabs. When you can get your hands around the binder, you can then feel a bit more in control over what will happen next.

The second step is to get the debts resolved. You don’t have to wait three years for reform legislation to take effect. Relief is available now through bankruptcy. Take your medical binder and any other debt obligations to a qualified bankruptcy attorney in your area and review the options that are best for your situation. Timing of your petition is an important discussion to have with your attorney. Just like with major corporations, you can plan when is best for you to proceed with your filing so that you can maximize the benefits of bankruptcy protection. However, keep in mind that the sooner you get a handle on high, lingering debt, the sooner you will be able to prepare for the proposed reform changes. One of the more contentious aspects of the President’s plan is the requirement that all families carry health insurance by 2013, much like they are required to carry auto insurance. If you are struggling with the paying your bills already, adding another mandatory expense to your bottom line could flat line your financial health. Bankruptcy will enable you to free up more of your income so that you will have the finances to comply and not be hit with penalties on your income tax returns.

Supporters of the latest proposal justify the implementation delay in that it takes time to insure effective execution. Bankruptcy also takes some pre-planning, but fortunately, relief is available much sooner. Contact a bankruptcy attorney today to learn what remedies are available.

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Three Year Delay for Implementation if Health Care Reform Package Passes