Having to go into the hospital can be a financially devastating experience, depending on your health insurance situation. When you accumulate large hospital bills, it can be a very difficult process to eliminate the debt. If you are faced with this situation, there are a few potential strategies that you could use to handle the problem.
Talk to the Hospital
When you receive large bills from the hospital, it is common to want to avoid the problem. Most of the time, this can only add to the problems that you will face. Contact the hospital as soon as you receive the bills and talk about them. In some cases, the bills could be inflated beyond what you actually owe. If you talk to the billing department about this issue, you could negotiate your bill down to a lower amount that you can afford.
Consolidation
When you go into the hospital, chances are you will have bills from several different sources. The doctor will send you a bill, the hospital itself will send a bill and you might get a bill from another specialist. All of these bills can be intimidating. In this situation, you may want to consolidate your bills so that you can have a single payment to deal with. This could help you avoid late fees or interest on your hospital bills. If you use a home-equity loan to consolidate the bills, you can also deduct the interest that you pay on your new loan.
Financial Aid
When you face large bills from the hospital, you may be able to qualify for financial aid or government programs. Talk to the business department at the hospital about these options. A counselor should be able to review your financial situation and tell you whether you qualify for assistance. Typically, you have to have a low income to be able to qualify for these programs. The programs available will depend on where you are located as well.
Bankruptcy
If the medical bills are substantial, you may have to consider filing bankruptcy. Filing for bankruptcy can completely eliminate any unsecured debts such as hospital bills. To get this assistance, you will have to file for Chapter 7 bankruptcy and qualify for it. Once you use this technique, you cannot use it again for six years. Using bankruptcy will also have negative effects on your credit score. The bankruptcy will remain on your credit report for 10 years and can make it difficult to obtain additional financing during that time.
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