Medical debt is one of the most difficult types of debt to plan for, because most medical bills come after an unexpected accident or illness. When those bills are due, you may not have enough to immediately cover the cost.
If you find yourself saddled with this kind of debt, medical debt consolidation could potentially help you pay off those medical bills.
The Cost and Importance of Medical Services
It’s no secret that medical care, especially emergency care, is expensive: without health insurance, an ER visit could cost you thousands of dollars , and even with health insurance, certain plans with high deductibles require you to pay out of pocket before your insurance coverage kicks in.
Below are the costs of common medical procedures without health insurance:
- Broken leg: Up to $7,500
- 3-day hospital stay: Around $30,000
- Cancer care and treatment: Upwards of hundreds of thousands of dollars
What Can You Do If You Can’t Pay Your Medical Bills?
A visit to the doctor left you with a medical bill that you can’t pay...what can you do? The good news is that there are some options for medical debt relief that can help reduce the amount you owe (or make payments more affordable).
- Check Your Bill: A surprising amount of medical bills include errors, and you might pay the price if you don’t catch them. When your bill arrives from the doctor, comb through it looking for services you didn’t receive or any duplicate charges. If you come across any services you don’t recognize, be sure to ask your healthcare provider for clarity to make sure it’s a service you actually received.
- Ask for a Payment Plan: Call your healthcare provider’s billing department and see if they allow patients to make multiple payments on the bill. Even better, ask if they have an interest-free payment option so you can make payments over time without racking up interest costs.
- Negotiate for Discounts: The words “discount” and “bill” may seem like they wouldn’t go together, but some providers do offer discounts if you can pay your bill within a certain number of days. Additionally, you can try to negotiate with your provider to get the bill lowered, though this may be difficult if you don’t have negotiation experience. Be sure to also ask about any income-base discounts, such as a sliding fee scale based on your earned income.
- Medical Debt Relief Service: Debt relief companies like Accredited Debt Relief may be able to help you pay off your medical bills. You’ll deposit a set amount into a special savings account every month. While you’re making those monthly payments, an experienced debt negotiators will speak to your healthcare provider on your behalf to try and get them to agree to lowering the total amount you owe.
Benefits of Medical Debt Relief
Debt consolidation can be a more straightforward approach to paying off your bills because instead of trying to remember the different payments you may have (ex. to a hospital, to a physician’s group), you’ll only have to remember one monthly payment.
When you’re sick or injured, the last thing you want to think about is your struggle with medical debt. Going through a debt relief program allows you to focus on getting better rather than worrying about how you’re going to come up with the money for your bills.
When It’s Time to Seek Help for Medical Debt
Debt relief programs aren’t guaranteed to reduce your medical debt, and they’re not for everyone. It might be a good idea to look into medical debt consolidation if you:
- Know you won’t be able to pay off your medical debt.
- Aren’t able to heal (or feel better) due to worrying about your debt.
- Are considering bankruptcy to get rid of medical debt.
How to Lower Your Medical Bills in the Future
Whether you need routine care or emergency services, medical bills are unavoidable. However, there are some tips you can use to help reduce the cost of medical services in the future, including:
- Asking for a discount before the service is performed.
- Asking if the procedure is medically necessary or if there are lower-cost alternatives.
- Asking for generic (rather than brand name) prescription drugs.
- Consider creating an emergency savings fund specifically for unexpected medical bills.
Paying large healthcare bills might seem impossible, but medical debt relief from Accredited Debt Relief could make it more manageable. We’ve helped people just like you get rid of debt, and are an A+ rated and accredited BBB business. Accredited Debt Relief can help you pay off your debt quickly, so you can finally take the first step toward financial freedom. Get a free consultation today!