I’m not defending the awful medical system we have, but there’s some misconceptions here.
The initial bill you get from a hospital is the same bill insurance gets so that the hospital and insurance can play the stupid negotiation game. If you call, they will reduce the amount.
[I myself misunderstood this one]
There is no “generational debt.” Unless you are a cosigner, you are not responsible for your deceased relatives’ debts. If they try to collect from you personally, never accept responsibility for the debt and tell them to kick rocks. The estate of the deceased will be liable and is used to satisfy debtees. This is why it is important to have a professional handle the estate before any divisions are made.
They definitely showed up on mine. When I went to speak with a financial advisor a few years ago about what it would take for me to purchase a house, there the debts were on her computer screen.
I don’t know if they’re supposed to consider those debts, but they are definitely on there.
for Americans, cutting out the ambulance ride would shave off a little of the generational debt they’d incur from that hospital visit
I’m not defending the awful medical system we have, but there’s some misconceptions here.
The initial bill you get from a hospital is the same bill insurance gets so that the hospital and insurance can play the stupid negotiation game. If you call, they will reduce the amount.
[I myself misunderstood this one]
There is no “generational debt.” Unless you are a cosigner, you are not responsible for your deceased relatives’ debts. If they try to collect from you personally, never accept responsibility for the debt and tell them to kick rocks. The estate of the deceased will be liable and is used to satisfy debtees. This is why it is important to have a professional handle the estate before any divisions are made.
Edit: removed my own misconception.
If it’s more than $500, you have 365 days to pay it or set up a payment plan. After that, it will absolutely appear on your credit report.
I see you’re right, apologies. I misunderstood the change.
They definitely showed up on mine. When I went to speak with a financial advisor a few years ago about what it would take for me to purchase a house, there the debts were on her computer screen.
I don’t know if they’re supposed to consider those debts, but they are definitely on there.