Medical debt, and a great idea NJ should consider

It's an unfortunate fact of life. One minute you're financially in good shape, then the next you're drowning in debt that was no fault of your own.

OK, maybe some people do bury themselves thanks to their own actions. On the flip side, perhaps some people are fortunate enough to avoid heavy debt loads in the first place.

When it comes to New Jersey, high costs are just a way of life. It's something we all deal with whether we're well off or not.

One form of debt so many carry is student loan debt (we'll get to the medical in a moment). Student loans, of course, are self-inflicted and must be paid back.

However, since college is an investment in your eventual career, student loan debt is slowly being forgiven for certain borrowers. That also includes graduates here in New Jersey (more on that below).

A different kind of debt

Since college debt is something we take on ourselves, it can't be considered the same thing when it comes to medical debt. When it comes to medical care, we often don't have control over how much we're stuck paying out-of-pocket.

Especially nowadays with medical insurance becoming more complex than ever. It's getting so expensive, that people are paying more out-of-pocket than ever even for the most basic of visits.

So it shouldn't come as any surprise that when people have something happen that requires a hospital visit, they end up with medical debt so high it's hard to wrap your head around.

A great debt idea

...Or maybe it's only great for the state that actually did this. Here in New Jersey, we already have mountains of debt in our state government.

Still, we also do pay high taxes, so perhaps giving back to its citizens isn't such a bad idea. Especially when it comes to something like medical debt where so many in New Jersey have no control over the obnoxious bills.

Just north of New Jersey, Connecticut announced it would be eliminating medical debt for those who qualify (read more about that here). Should we do the same thing?

A medical burden

Medical debt can be crippling, all at the cost of your well-being. That's something that should never be.

Connecticut should be applauded for its efforts to help its citizens eliminate much of its medical debt. And even though New Jersey's government doesn't have its financial act together, should they try and implement something similar as Connecticut did?

Should New Jersey help wipe out medical debt for those living in The Garden State? Sound out in the comments and let us know.

But the bottom line is this. Medical costs are out of control and need to be addressed. Although helping wipe out medical debt doesn't solve the overall problem, it is a start at least to providing relief.

UP NEXT... Forgiving NJ grads

• Here's how much student loan forgiveness has gone to NJ students

The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host Mike Brant. Any opinions expressed are his own.