subject: Settling Medical Debts [print this page] Settling Medical Debts Settling Medical Debts
Incurring debts owing to costly medical care services and lack of medical insurance cover is quite common. Who cares to think about affordability issues, when you find your near and dear ones struggling on the threshold of death? All that comes to your mind is how can you save your loved one's life. You possibly seek for the best treatment. On the face of it, high costs of the medical treatment hardly hits your brain. But the costs do take a toll on you, when you receive a long bill that says your medical expenses have been far beyond your budget!
Well, now that you have received the medical statement, it is time you look for some way to resolve the issue. The best thing you can do with your bill is get it settled. With settlement you will have to pay a portion of your outstanding bill and that will be regarded as payment in full. Quite like the credit card companies, hospitals, doctors and other medical providers too are open to debt settlement. The simple reason being that through settlement they would get at least some payment rather than having to deal with a bankrupt debtor.
Moreover, most medical service providers/doctors/hospitals do not collect their own debts. When a medical debt becomes delinquent, the medical service provider outsources the collection process to some collection agency or simply sells the debt to some third party debt purchaser. Even in such processes, the medical service provider/doctor/hospital is forced to share with the debt collector/purchaser a considerable percentage of the sum that is eventually collected. Debt settlement undoubtedly avoids such losses.
How to initiate the settlement?
To initiate a medical debt settlement, you must inform your medical service provider about your financial hardship and that you are unable to pay the entire amount. It is because the facility will always consider your financial condition before it approves your request for debt settlement. Confessing your poor financial state could be a little intimidating. Nevertheless, you must go about it lest your trouble takes an even worse shape and takes you to the verge of bankruptcy.
How to settle your medical bills?
Following are certain options for getting your medical bills settled:
Hire a debt settlement company
Settle medical debts directly.
Seek government help to settle medical debt.
Hire a debt settlement company
You can hire services of a BBB accredited debt settlement company in your state and get your medical debts settled. The company will review your financial condition and thoroughly analyze your medical dues. Thereafter the company arbitrator will contact your medical service provider/doctor/hospital and carry out the required negotiations for settlement of your bills. After negotiation, the company will formulate a payment plan within your budget that will enable you to pay off the settled amount.
Hiring professional debt settlement services is quite beneficial. It is because professional debt arbitrators and experienced settlement lawyers are adept at negotiating with creditors and billing agencies. Thus, their negotiations can assure substantial reduction in your medicals bills. You may even land up settling pennies on dollars. Besides, authentic settlement companies also assure legally sound debt settlement procedures.
Settle Medical Debts directly
If hiring debt settlement services seem a little expensive to you, then do not worry! You can settle the debts on your own quite easily. All you need to do is get in touch with your medical service provider's billing department and negotiate a settlement amount. Offer at least 10% of the outstanding bill as settlement amount. Always remember, when you settle debts directly, chances of your settlement proposal getting approved, depends greatly on the sum you offer. Fatter the settlement amount, brighter is the chance of approval. Now, if the payable amount seems a little beyond your budget, just go ahead and propose a payment plan, so that you can pay off the amount in reasonable installments.
Seek government help for settling medical bills
If you are left with no other options for settlement, do not lose heart. You still have hopes left. Federal, state and local governments provide assistance programs and grants to its needy citizens for getting help with medical debt. While some of these grants are meant for certain specified sicknesses, some are available for long and short-term medical expenses. You can look out for these funds and use the money for getting your medical bills settled.
Medical emergencies can arise anytime and anywhere and put you in deep financial crisis in no time. But with effective settlement of huge medical bills, you can surely lessen your worries and bring back those lost smiles on the faces of your loved ones!
