5 Tips For Getting Out of Medical Debt

Have you been put into medical debt recently and need some assistance to get yourself out? Here is a thorough guide to aid you!

According to a recent survey, over 32% of Americans are in medical debt and are have trouble paying it off. Life can throw so many stressors at us at once, making it hard to overcome all the challenges on our plate. 

However, it can feel like you’re suffocating when it comes to medical debt because these bills often come with high costs. Don’t worry; all hope isn’t lost.

There are ways to get out of being in debt. If you’re interested in learning how to lessen your financial difficulties, read our guide to learn five essential tips.

1. Ask for Help

If you’re going into debt because of your medical bills, one of the quickest solutions is to ask for help. Most hospitals come with a financial assistance policy, where they’ll cut your bill in half or forgive it completely.

However, your income needs to be at a certain level for you to qualify for assistance. 

2. Negotiate Your Medical Costs

If your income is too high to qualify for financial assistance, you can always negotiate your medical costs with your health care practitioner. Healthcare services often charge maximum rates, especially if you don’t have insurance.

If you have insurance, ask if they can lower your rate down to what your provider would pay. The best time to do so would be before treatment, but you can also do it afterward.

3. Contact an IVA Firm

Another option to help you with paying bills is contacting an IVA firm. It’s an agreement between you and creditors to help you pay off your debt.

To qualify, you’ll usually need to have debt over $7000. To find out more, visit becomedebtfree.co.uk.

4. Avoid Putting Debt on Credit Cards

A common mistake among those in medical debt is paying their bills with credit cards. Unfortunately, it’s to their detriment.

Your hospital medical bills may have a low-interest rate or none at all. So when you pay with your credit cards, now you’re shifting to a high-interest rate.

Also, paying with a credit card forgoes any protections that come with medical debt since the bill is paid. Therefore hospitals have no incentive to lower your bill or provide you with a payment plan option.

5. Be Persistent

Depending on where you received treatment, some hospitals or healthcare services may be harder to deal with than others. So it will take a while to get the rate that you want.

However, when all else fails, continue to be persistent. It may be the last option you have left to lower your monthly payments.

Channel your inner lawyer. You may come off harsh, but your livelihood is at stake.

Get Out of Medical Debt Using These Tips

Having medical debt can seem like an overwhelming mountain to climb. However, if you follow our suggestions above, you’ll be able to pay off your debt and get back to living a life without extra financial pressure.

If you’re interested in learning about other ways to deal with financial difficulties, feel free to check out our blog for more information.

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