Medical costs can be a huge burden on an individual or family. Even if you have health insurance, medical bills can accumulate, especially if you are undergoing costly treatments or taking expensive medications. If you are having trouble paying your bills, there are some steps you can take to lower the cost of medical debts and some proactive measures you can do if you know you will be incurring costs in the future.
Negotiate
When those medical bills arrive in your mail box, or if they have been sitting on your desk unpaid, your first alternative should be to contact the health care provider directly. Before you call, make sure there are no errors on your bill and find out how your costs compare to the average. You can do this by contacting either your health care insurance provider or, if you have no insurance, any of the government-funded health insurance agencies. When talking to your provider, you'll need to honestly and frankly discuss your financial situation, negotiate a lower fee if possible, or negotiate a way to settle the debt. Request a no-interest payment plan, or ask about financing options.
Debt Settlement
If you have ignored your medical debt, your bill will eventually find its way to a debt settlement company. You soon will be getting notices from this company and, if left unpaid, the debt will go onto your permanent credit report and affect your credit score. Lowering your credit score will affect what types of car and home loans you can get, your credit card eligibility, and even your chances of landing a job. When faced with this situation, you'll need to contact the debt settlement agency and work out a settlement plan. The agency wants their cash so, in many cases, they will work with you to set up payment plans or even reduce the amount of debt owed to an amount you think you can pay. Ignoring the situation will not make it go away, even if the letters or phone calls stop. Make a call and try to work out an agreement.
Debt Consolidation
If you have medical bills from several sources, a common way to settle those debts is through debt consolidation. Your debt consolidation plan can take several forms. You can look to secure a traditional loan through your local lending institution, or even a home equity line of credit or second mortgage. You also can enter into a medical debt management program with a third-party agency. If you elect to use this type of program, the agency will contact your debtors for you, collect information, and arrange a payment you afford. Be aware, though, that these services come with fees and, by the time you are finished with the debt management program, there is a good chance you would have spent more than if you had settled the debt on your own.
Financial Assitance
The best way to handle medical bills is to seek help before the costs are incurred. Obviously, in a medical emergency, this is not possible but, in many instances, especially for serious illnesses that have been diagnosed such as cancer, your medical payments will be explained to you by your health care institution and you have time to seek help. Institutes such as the National Cancer Institute offer a variety of health care resources for individuals and families that are having trouble paying. The American Cancer Society, for instance, offers financial assistance for families who cannot pay for their treatment while the Cancer Financial Assistance Coalition offers financial help for people who cannot pay for treatments, medication, lodging during treatment and other basic needs. Government agencies also offer low-cost health insurance options. The help is out there but it is best to get the aid before the bills start piling up.
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