How To Deal With the Medical Bills You Can’t Afford
Of all the expenses that scare us the most, if there are two words, which can combine and give us an anxiety attack, it has to be – Medical Bills. I mean, they look and sound so scary. Imagine having a conversation with a friend and he suddenly says that he’s in the hospital. The first thing that comes to your mind is that if he is alright.
A country like the USA spends a bomb on healthcare per year, an amount close to $3.5 trillion as per a study in 2017. Hence, healthcare is one of the most important expenses, a person can incur in their lifetime.
And, as most important things go, we tend to goof it up and face repercussions for a considerable amount of time. If you are reading this article, I am sure you’re looking for ways to counter your current situation. A study denotes that 66.5% of all bankruptcies, which were filed in the USA are a result of medical bills.
So, in this article, we’ll try to find out the ways in which we can deal with Medical Bills that are at times, not affordable by us.
Let’s find out if the bill is accurate or not
If you are very particular about your favorite food and clothing brands, you should be more thorough with your medical bills and how accurate they are. There are times, when wrong charges may be put in if your stay with the hospital was longer or treatments were broad.
Negotiation on the Bill
If you think that you are not being able to pay the entire amount, you always have a chance to negotiate with the hospital management and come to agreeable terms and conditions when it comes to payment schedules.
You can also do the following while negotiating on the bill:
- Asking for a Discount: You can always ask for certain discounts if you’re ready to make prompt payments with the same or do the same in cash.
- Monthly Payment Plans: You can always look at such kind of plans and make sure you are paying these bills out, bifurcated into equal monthly installments.
- Hospital Financial Assistance Program: Many of the hospitals have various programs, through which, they try to make the healthcare affordable. You can always reach out to these programs.
Never bail out on paying medical bills
Always remember one thing, no matter what you do, never fail to pay the medical bills. It’s like a no-brainer similar to not Driving under the influence of Alcohol.
The reason why we are insisting on this is that these companies, whom you owe money too, will soon appoint Debt Collection Agencies, and these companies are known to follow up with you just like a bee follows the flowers, everywhere. However, they are bound to follow the collection laws of the city for example if you own the debt in Atlanta, the agents at debt collection agency Atlanta are bound to collect the debt according to their city rules.
You will be forced to do a lot of things, which may end up not being fruitful and you’ll lose out on money and your finances. An average American spends close to $10,000 per year on Medical expenses and this is attracting the Debt Collection industry, too.
Additional help by external agencies
There are a lot of avenues, through which the government has tried to help people who have crushing medical debts. Similarly, there are also medical charities, who help these people to get ahead of their medical bills.
- Government programs for Medical Benefits: The federal government has set up lots of programs through which people from various age groups and demographics could benefit for specific treatments with respect to Cancer, Auto-Immune Diseases, etc.
One of the best examples of this would be VA Benefits for the Armed forces.
- Charitable Trusts: Many charitable trusts have been set up by top Multinational Corporations and they help in financing and co-paying medical treatments. Some of them can be:
o The HealthWell Foundation
o The Patient Access Network
All these external agencies and trusts can help you to pay a part of the medical bill provided you fulfil all their criteria and have legitimate claim.
Some of the other most important techniques are using the credit card. 34% of Americans increase their credit card debt. Many use up all their savings, almost 59%, and another 70% of people prefer to cut back and continue paying the bills.
With these ways, I am sure you will be able to find ways to deal with Medical Bills, and always remember, help is always given to those who ask for it and deserve it. Since you know the ways people can lend a hand and help you, why not give it a try.