subject: 5 Smart and interesting tips to pay off medical debt comfortably [print this page] 5 Smart and interesting tips to pay off medical debt comfortably
Have you been hit with a huge medical bill and are struggling to pay it off? If yes, then you should take steps to repay it. Otherwise, you may get into financial problems in the long run. Read along to know about the 5 tips that can help you pay off medical debts comfortably.
Tips to repay medical debt
Take a look at the 5 tips to repay medical debt easily:
1. Go through your bills: Go through your medical bill and check whether or not there is any error in the calculation. Check whether the accounts department has charged only for the medical services received at the hospital. If you have any doubt regarding the charges, then contact the accounts department of the hospital prior to making any payment. Tell them to rectify the bill. This may reduce the bill amount.
2. Negotiate with the hospital authority: A medical bill primarily consists of various items such as medicines, operation, anesthesiology, etc. Most of these items are billed separately by various doctors. Request the medical service providers to lower their fees. This may help you in reducing the total bill amount.
3. Go for debt settlement: You can go for debt settlement if you can't afford to pay off the whole bill. You can explain your financial situation to the hospital authority. They may agree to lower the bill amount by some percentage. However, once a settlement agreement is made between you and the hospital authority, make sure you pay off the amount on the scheduled date.
If the hospital authorities refuse to negotiate with you, then it is better to get help from a debt settlement company. You can get the list of debt settlement companies from the newspapers and websites. However, before dealing with a settlement company, check what the existing customers are saying about them.
4. Look out for financial aid: Very few people know that the local or federal government offer financial aid to the consumers suffering from medical debt problems. So, contact the accounts department of the hospital as early as possible. They will be able to tell you about the government sponsored medical debt help programs. You can also get in touch with municipal social service agency and know about the programs.
5. Go for consolidation: You can consolidate all your medical bills into a low interest consolidation loan. If you have a decent credit score, then you'll be eligible to get a consolidation loan on favorable terms and conditions. All you need to do is make a single monthly payment on the consolidation loan on time. You need not to worry about the unpaid medical bills anymore.
Finally, you can work out an alternative repayment plan with the hospital authority. However, you should check out whether or not the plan is suitable for you. Otherwise go for other programs.
