How to Deal with Unpaid Medical Bills?
A terrifying hospital bill is probably the last thing most people need to see after suffering from a painful and frightening medical procedure. The proper way to deal with unpaid medical bills is unclear to most people. According to research, about 62 percent of bankruptcies in 2007 were caused by medical bills. Thus, clearly, this is no joke. Dealing with unpaid medical bills is tough and extremely important, but don’t worry! We are here to give you tips on how to deal with unpaid medical bills.
5 Tips to deal with Unpaid Medical Bills
1. Set-up a Payment Plan: – Most medical practitioners, including dentists, hospitals, and physicians can create a medical payment plan to help you out. This is the easiest way to pay a bill which you cannot cover in a single payment. It basically works like an EMI with no internets. The big medical bill is divided into little small ones for you to pay one at a time.
2. Take an Online Loan: – If you are running out of cash and need some help, then taking an online loan can solve your temporary problem. You can visit Crediful and find an online loan. They even suggest certain lenders who can lend you money even if you have a bad credit history.
You can also try borrowing money from your relatives or friends. Relatives and friends will always be there to help you out, and it might be the best choice for some people, but be careful though, and make sure to pay them back or it will end up ruining good relationships.
3. Get a medical credit card: – Medical credit cards can help you out in most cases. Suppose your provider does not take any kind of payment plans, then a medical credit card can be a good option to go. Most of these medical credit cards have an interest-free time period of up to a year. Sit down and calculate all the expense and check if you can pay everything back during the zero-interest period. Also, make sure to check the interest after the free period is over to be prepared for some extra charge.
4. Negotiate: – It might surprise you to find out that a lot of medical service providers are open to negotiation. Some practitioners can charge you like 1000 USD just for a couple of bandages and you can argue your way out of that. You need to realize that the medical industry knows that you are not aware of what you are charged for, so they usually charge really high prices.
You can often negotiate your way out of that easily. In case you are sick and not fit enough to go to the doctor and negotiate, then you can easily hire some company online to do the negotiation for you.
5. File a bankruptcy: – If there is no other way and you cannot pay for the bills at all, you can get help through the bankruptcy court. They can completely discharge the medical debt if you are qualified for bankruptcy or you can pay it back within 3 to 5 years through a repayment. Bankruptcy will probably be the least desired solution for all, but it is at least better than struggling back to make the payments.
Suggested Read:- How To Make Sure Your Medical Bills Are Paid On Time
It very well may entice since there’s no prompt repercussion, as there is the point at which you don’t pay a phone bill. Yet, similar to any business, medical offices and hospitals, in the long run, turn over unpaid bills to collection offices. Also, once they get included, your FICO rating takes a ding and arrangement gets a ton harder.
We hope that you have enjoyed reading this article. Dealing with medical bills is a big hassle but let’s be honest here, we do need to pay them back eventually. Thus, there’s no point hiding from it. The sooner you pay it, the better it is.