How to protect savings from medical bill collectors

[Acher]

I saved a few thousand dollars over a long period of time and wonder how to protect my savings from the possible medical bill collectors. I am assuming that if something happens to my health in current situation, I would not be able to cover the costs even with insurance, which pays only a part after the deductible met. I live in Maine.
Your advice is greatly appreciated.

 

[army judge]

I saved a few thousand dollars over a long period of time and wonder how to protect my savings from the possible medical bill collectors. I am assuming that if something happens to my health in current situation, I would not be able to cover the costs even with insurance, which pays only a part after the deductible met. I live in Maine.
Your advice is greatly appreciated.

No collector can just take any of your money.
You would first need to sued.
The plaintiff (the creditor) would need to prove you owed money.
If they do, they get a judgment, then they'd have to attach your assets, in your example a savings account.

There is no legal wy to bullet prof yourself from legal seizures.

If you think about it, you could come up with illegal ways.

I won't mention those, except for one exception.

There are states that are mre debtor friendly than others. You could move to one of them.

 

[Proserpina]

You could always pay the bills...

 

[Betty3]

If you have medical bills, don't you believe the doctors, hospital, etc. should be paid/deserve to be paid? A lot of people have to use their savings to pay medical bills.

 

[Proserpina]

Afterthought: Some of the more debtor-friendly states have exceptions when it comes to medical bills

 

[Acher]

how to protect my savings from the possible medical bill collectors

I wonder about IRA account and Trusts.
Maine State Asset Protection Laws states that a payment or account under an individual retirement account or similar plan or contract on account of illness, disability, death, age or length of service to the sum of $15,000 or to the extent reasonably necessary for the support of the debtor and any dependent of the debtor, whichever is greater.
So, the court will allow collectors to take money from my IRA account since I have work income ?
Legal ways: Trusts?
Thank you for your response

 

[army judge]

OP, every case s different. In most cases, the accouns you discuss are beyond the reach of judgments.
You might wish to consult a bankruptcy attorney and discuss your individual situation.

 

[Proserpina]

And you seriously need to think twice about transferring assets...

 

[Betty3]

Agree, you can cause yourself problems if you transfer assets at certain times such as right after a judgment, right before declaring bankruptcy, etc.