Rising medical expenses can strain a fixed-income budget, making it challenging to afford comprehensive coverage. Healthcare spending rose over $4.3 trillion in 2021, with more than 31% of that amount spent on hospital services — and that number is only continuing to grow. Recent data from Debt.org showed 60% to 65% of all bankruptcies were related to medical expenses, and HealthCare.gov estimates an average three-day hospital stay can cost about $30,000.
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