8 Major Ways To Combat Your Medical Debt

March 9, 2017

According to families with medical debt, the debt keeps them from being able to save and pay for general household needs. Plus, past due medical debt can do serious damage to your credit score. If unpaid for a specific length of time, consumers could be legally sued or have to resort to bankruptcy.

How can people deal with medical debt?

Get Detailed Statements Of Bill, Looking For Mistakes – Attain the detailed bill from the medical provider or insurer, so you have a line-item statement to look over. You could have attained treatment from an out-of-network doctor without your consent. If you notice duplicate charges or are charged for services you did not receive, let the provider know right away, so a new statement is sent out.
Negotiate With The Medical Provider – Talk with the medical provider about a payment plan or negotiate to reduce the medical debt. Make sure there are records of what was agreed upon and who with.
Negotiate With Collection Agency For A Settlement – Past-due medical bills will be charged off, which a collection agency will buy. Your negotiation window hasn’t closed; you just need to ask them to settle for less and forgive any remaining balance. For some instances, forgiven debts are taxable income.
Get Assistance From Medical Billing Advocates – If you can’t negotiate your medical debt, the debt has hit your credit file hard, or you may need to file bankruptcy, go to a medical billing advocate. A genuine advocate will cost you money, and they’ll let you know what direction you should go.
Go To A Charitable Foundation – A nonprofit organization can help you pay for the medical debt. If you have certain conditions like lupus or kidney disease, there are organizations that can help you pay for the treatment and others things. Apply for grants to assist you too.
Apply for 0% APR Credit Card – If the debt you haven’t isn’t that bad, consider paying the debt off using a credit card that’s got an introductory 0% interest rate for a long period of time. You’ll want to pay the debt off in full before this introductory rate is over.
Get A Personal Loan – A personal loan, which is dependent upon your credit history with rates that range from 4% to 36%, can help you pay for your medical debt.
Bankruptcy – If the medical debt exceeds 50% of your household yearly income, you may want to consider bankruptcy. This should be your last resort since bankruptcy is a major black eye on your credit report for at least seven years.