subject: Medical Debt - Top Three Options to Reduce Medical Debt [print this page] Medical Debt - Top Three Options to Reduce Medical Debt
Medical debt can certainly get out of control. Without medical health insurance, the rapid accumulation of debt can be overwhelming. And, despite insurance, there are plenty of companies slashing coverage items nowadays that a severe or prolonged illness can rack up steep medical debts.
If you find yourself in this crisis, there are several ways that you could reduce and, in some cases, even eliminate medical debt without filing for bankruptcy.
Make an Application for Medical Financial Aid
Most hospitals provide charitable or financial aid to people who qualify. Many clinics and doctor's offices will also use those who can prove they're under unusual financial duress because of escalating medical bills or decreasing incomes. However, you need to declare assistance as soon as possible since most establishments have limits on aid application (usually 6 to 12 months).
Although there is a substantial amount of paperwork to complete and information to supply, 1000s of dollars can be wiped off your financial troubles.
Consolidate Debt
The important thing to debt consolidation reduction is to lessen the balance due beforehand. Review all medical charges to find out their validity. Also, repay as many of the smaller bills as possible. The more you lower your debts, the easier it will be to handle an overall consolidation payment.
After you have your financial troubles reduced as much as possible, contact numerous banks and inquire about a consolidation loan until you locate one that will provide a loan and at most advantageous provisions to you.
Debt Negotiation
Another way to reduce your medical debt would be to negotiate directly with medical care providers. Many people aren't aware that large portions of medical bills could be reduced or eliminated through direct negotiations. Others do not have the time, knowledge, or patience to handle the ruthless tactics of such medical negotiations.
However, many good managing debt companies exist which can do that for you personally. They've knowledgeable and experienced professionals that will negotiate large reductions in your medical debt.
