Getting rid of your Medical Debt Fast
If you have recently gone through a complicated medical procedure or just been the victim of an accident, odds are good that you’re now being flooded with hospital bills. While your insurance might pay a portion of these, if you’re like most Americans you’re facing thousands of dollars in charges that your insurance refuses to pay. In addition, you’ve also missed work and are struggling to get better and recover your health. What can you do to get rid of the hospital bills?
The first step to getting rid of these bills is to figure out how much you owe. This can be a complicated and time-consuming task, so start by gathering all of the bills you’ve received together. Go through them individually and make a list of the bill’s invoice number, the amount that insurance has paid (or needs to pay) and the amount that you still owe. Once you have this list, it will be a lot easier to negotiate with the hospital and determine how much you actually need to pay.
If you can’t afford the charges, call your hospital’s billing department. Often, hospitals are able to provide discounts equal to what they charge private insurance companies for people who simply ask. After you’ve reduced the bill as much you can, it’s time to determine if you can pay it out of your savings, or if you need to finance.
Unfortunately, very few hospitals are willing to work out payment programs with their patients. Instead, patients who can’t pay their bills are often told to put the charges on a credit card. Rather than pay the high interest and fees associated with this option, however, you may want to consider taking out a debt consolidation loan.
A debt consolidation loan will immediately pay off all of your medical debt and replace it with a single loan with a low interest rate and affordable monthly payment. You’ll work closely with a debt counselor to make sure that the payment is one that will fit in your budget. Rather than deal with the changing terms and conditions of a credit card, you’ll know exactly how much you need to pay every month and exactly when you’re going to be out of debt.
<p data-sp-element=”content”>If you want, you can include your other debts, such as credit cards and student loans in the loan. You’ll still get a low interest rate, and you’ll most likely pay less every month on all the debt than you do now.