0:00.0	Hey everyone, welcome back to episode 958 of Money Girl. I really appreciate you downloading
0:11.7	the show. I'm Laura Adams, an award-winning author, on-camera spokesperson, money speaker,
0:18.3	and founder of The Money Stack. That's my substack newsletter. Subscribers
0:23.2	automatically receive my money success toolkit, which includes the exact templates I use to
0:29.0	manage my finances. So I'd love for you to subscribe and check that out. You can learn more,
0:35.5	send me your money questions, and sign up for the Money Stack at laura d.ad can learn more. Send me your money questions and sign up for the money stack at
0:39.6	laura d adams.com. You can also leave a voice message with a question or comment by calling
0:45.8	302-364-0308. We love getting your questions and if you send me a voice message, I'm pretty sure to feature it on Finance Friday, which is our weekly Q&A bonus edition of the show.
1:02.4	Today, I'll be talking about medical debt, which is one of the biggest financial burdens in the United States.
1:10.1	Approximately 40% of American households are
1:13.7	grappling with some type of health care debt. According to the Consumer Financial Protection
1:19.3	Bureau, at least $88 billion of outstanding medical bills are currently in collections. This podcast will review what to do if you
1:29.8	can't pay a medical bill, how medical debt affects your credit, and strategies for managing
1:35.5	health care debt wisely. So let's start out by just reviewing what's been going on with
1:42.1	medical debt regulations. There have been numerous efforts to
1:46.6	limit medical bills from appearing on credit reports. Historically, medical bills differ from
1:52.9	other types of debt because of factors like the complexity and high cost of health care,
1:58.7	confusing billing practices, patients being underinsured or uninsured,
2:04.1	and a lack of price transparency for services. Plus, health challenges are unpredictable.
2:10.9	Patients never choose to have medical debt. Now, a few years ago, the nation's largest credit
2:17.0	reporting agencies that includes Equifax,
2:19.9	Experian, and TransUnion, they decided to remove medical bills with an initial balance of $500 or less
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