Medical Debt – Finding the Cure

Medical debt can be one of the most frustrating types of debts that most consumers face. Trying to juggle bills while you are dealing with an illness or healing from injury or illness can be disheartening. At PaydayLoansCashAdvance, we understand how hard medical debt can be to manage, and we have compiled a few tips to help you cure your medical debt:

The Unexpected Nature of Medical Debt

One of the most problematic things about medical debt is that it is usually a surprise. Most people don’t anticipate illness or injury, and thus, their medical debts are typically unexpected. Most people can handle one or two medical bills, but in the case of severe injuries or chronic illnesses, these bills can be incredibly hard to manage.

Over time, accumulated medical bills can ruin your financial stability, and they may even be able to eliminate any sense of security that you currently enjoy. In some cases, medical bills have driven consumers to bankruptcy. Luckily, there are ways to get help with medical bills, and there are ways to stay afloat financially regardless of your medical debt. Whether you owe just a few hundred dollars or several thousand dollars, the following tips from our team at PaydayLoansCashAdvance can guide you.

Hospital Financing and Charity Plans

Many hospitals understand how difficult it can be to deal with unexpected medical bills. They understand that not everyone has adequate insurance coverage or income to pay their bills. Thus, many hospitals and private clinics are willing to offer charity plans or debt forgiveness plans.

The exact nature of each plan varies from clinic to clinic. Some large hospitals may have set programs where they will forgive a certain percentage of the patient’s medical debt based on the income of the patient and their assets. In some private clinics, the doctors or administrators may be willing to forgive certain debts, but they may not have a set system for that procedure. In those cases, it is usually a matter of talking to the right person.

If you are concerned about your medical bills, you should not just ignore them. Rather, you should make every effort to talk to the owners and administrators at the clinic or hospital where you have debt, and you should see if they are willing to help you.

Negotiate Lower Medical Bills

In some cases, you will find that the doctors or administrators are not willing to forgive your debt. However, they may be willing to offer you a settlement or a payment plan. Under a settlement arrangement, you will pay the medical facility a portion of what you owe, and in exchange, they will erase the entirety of the debt. The exact amount of the settlement will need to be agreed upon by both parties involved so you should not just send a partial payment in hopes that they will accept it as a settlement. If they won’t take a settlement, they may take a payment plan. Clinics and hospitals often set payment plans based on your income, and in some cases, they may even be willing to accept as little as a dollar per month on your bill.

Talk With Your Insurance Provider

In some cases, your medical bills will be ones that your insurance company decided not to pay. Luckily, you can appeal their decision to deny those bills. If you contact the insurance company about any denied bills, you may be able to make them change their mind.

In cases where they decide to reverse their denial of the original claim, they will either make the payment directly to the medical facility or to you if you have already paid that particular bill. If they pay you directly, you can use the money to pay other medical bills. This can be a very effective way to reduce or eliminate some of your medical bills.

Cash Advance

If you need money for medical bills, you can turn to a cash advance. They are very easy to get started for, and the approval process is simple too. A cash advance can be a powerful tool in keeping on top of your monthly or quarterly medical bill payments. Once you have the money that you need for your medical bills from your cash advance, you can easily pay back the cash advance on your next payday. The money from a cash advance can also be effectively used to appease the accounts receivable department of the medical facility while you are negotiating a settlement or a low monthly payment plan.

Bankruptcy

In cases where your medical bills do not qualify for any of the above programs and in cases where your medical bills are just too overwhelming, you may want to consider bankruptcy. Ideally, bankruptcy should only be considered as a last resort. It may eliminate your medical debt, but it can ruin a good credit score. At the end of the process, you will have no more medical bills, but you may find it hard to get new loans when you need them.

The bankruptcy laws vary from state to state. In most cases, you will be able to keep your home, your primary vehicle, and your personal property, but you will have to continue paying the loans of those items. Your unsecured debts and your medical debts will be eliminated, but your student loans will still remain active. The decision that you ultimately make regarding bankruptcy will depend upon your personal financial goals and your situation.

There is a Cure for Medical Debt

Medical debt is unexpected and frustrating, but you will be able to get out of it. Using a combination of the ideas outlined above and a good deal of patience and perseverance, you will eventually succeed in eliminating your medical bills. The process will take one step at a time.

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