One of the most common expenses that leads to financial problems is medical bills. Many people face large medical bills that they cannot afford to pay. If you find yourself with a large hospital or other medical bill, the situation may seem bleak, but you can pursue a few options.
Financial Aid
When you receive medical service at a hospital, you may be able to apply for financial aid. Many hospitals have programs that help pay for the care of people who have financial problems. These programs could completely pay for your care or reduce the bill significantly. To qualify for these programs, you may have to have an income that is within 200 percent of the national poverty level. Even if you have a slightly higher income, you may still qualify for partial assistance.
Foundations
Another option that you may want to pursue is getting help from a foundation or other organization. Depending on what type of condition you have, there may be some foundations out there that can help with your medical bills. For example, if you have cancer, the CancerCare Co-Payment Assistance Foundation can help you come up with the money to pay your copay for your health insurance. Depending on what type of health insurance you have, this may be a large amount of money.
Negotiation
Most medical providers will negotiate with you when it comes to paying off your medical bills. If you have regular health insurance, you may get a large discount from the full retail price of the medical service. If you do not have medical insurance, you may be able to negotiate your rate down to the insurance company discount rate. To facilitate this process, you have to talk to a billing representative and ask for a better price. If you pay cash, you can sometimes get a discount as well.
Consolidation Loans
Consolidating your debt may be another option for you to consider. By consolidating your medical debt, you can pay off your accounts and not have to worry about getting any lawsuits filed against you. To consolidate your medical debt, you may have to have a decent credit history or have some kind of collateral to use. You will have to pay interest on the debt, but you can stick to a regular payment schedule instead of having to worry about collection calls from a medical provider.
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