New Colorado Law Takes Loads of Stress Off Your Medical Debt
It's said that many people in Colorado are one emergency room visit away from being in serious financial trouble.
This new law helps to keep Coloradans from being burdened with even more stress because of getting medical attention. This is something that should have been in Colorado's "books" long ago; it's great that it's finally here.
It's hard to imagine anybody putting money aside for "unexpected medical bills." that's why medical debts can happen. Break an ankle at a 5K? There's $2,000 you didn't know you were going to need. Welcome to $2,000 in medical debt.
Often, you can set up some sort of payment plan with the medial facility or practitioner, but sometimes a person just can't work that out. When that happens, that bill gets sent to a dreaded collection agency. That's where things have put Coloradans in trouble.
NEW LAW IN COLORADO HELPS WITH MEDICAL DEBT
According to KRDO, the new law went into effect on Aug. 7, 2023. This new law, House Bill HB23-1126 keeps those medical bills that have gone to collections from being a part of your credit report.
Today, your credit report (your preferably higher-scoring report) is needed to get a car, a home, an apartment, insurance, or even a job. To be strapped with a "bad" credit score because of a high medical bill that you're trying to pay down is terrible. Now, that's over.
There have probably been tens of thousands of Coloradans that have had to go through bankruptcy because of medical bills; at least this new law will help.