How to Erase Your Medical Debt
By Jeffery Sterner
Medical bills can be a nightmare, as they are unexpected and can easily run you thousands of dollars. When you get that bill in the mail, it can make you feel overwhelmed because you might not know where to begin to get out of this mess. Luckily, there are options available to you. By following these steps, it can make getting out of debt easier:
Do not ignore your bill
The one thing you do not want to do is ignore your bill. If you do, your account will become delinquent and they will refer it to a collection agency. This will negatively affect your credit score and add to your stress, as collectors will contact you nonstop for the debt.
Ask for an itemized statement
Most hospitals and doctors will send medical billsfor services, but they are rarely itemized. Once you receive the bills, contact the office and ask for itemized ones. When you receive them, look for any errors or inconsistencies. In some instances, they may bill you for services that you didn’t receive. If you find any issues with your bill, contact the administrator to dispute the charges. By searching for errors, you ensure you are only paying for the services you received.
Investigate your finances
Once you know how much you owe, you need to come up with a plan. Look at all of your monthly expenditures, and find ways to reduce or eliminate bills. This can help you determine how much you have available for repayment options.
Ask the billing office for concessions
If you are like most people, money is tight, and it’s likely you won’t be able to afford a large lump sum payment. However, many hospitals and doctors’ offices are willing to work with you to come up with a solution that is beneficial to both parties. They may be willing to offer you monthly payments so you can settle your debts over time.
Ask for a settlement
Debt settlement could also be a viable option for you to reduce medical bills. You can speak with the billing office about what you can afford. For example, if your bill is $5,000 and you can only afford to pay $3,000, tell them that. They may accept the offer. A better idea may be to contact a debt settlement company. That way, a professional will contact the billing office on your behalf to negotiate a settlement. While there are no guarantees that this will work in all cases, you may be able to settle your debt for less than what you owe.
Getting out of debt can be difficult. However, with some hard work, sacrifice and good planning, you can find ways to make it work. It’s important to remember that hospitals and doctors’ offices usually are willing to work with you, so be sure to contact them and see what they can do based on your circumstances. By following these steps, you are taking the action needed to pay down your medical bills.
Jeffery Sterner writes and blogs about personal financial well
-being and issues that influence it for Debt.org, America’s
Debt Help Organization.
Wishing you Success and Prosperity,Wishing you well,
Daniel R. Murphy
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.