Need Help Paying Medical Bills? Here are 5 guaranteed tips to look into.
Medical bills can turn out to be the worst nightmare for many people. Health emergencies can reach an overwhelming 6-figure amount very quickly and end up eating your lifetime of savings. So, here are 5 guaranteed strategies to help pay your medical bills.
Set-up a monthly payment plan
If you are struck with a whopping amount of bill, then, first contact the hospital department to set-up a payment plan for you. Mostly, hospital departments don’t charge interest.
Most hospitals can work out a payment plan for your bills without charging you an interest rate. In this way, you can get help paying medical bills over an extended period of time affordably without hampering your credit score.This is one of the simplest and most common ways to settle a medical bill costing a huge sum of money. It will break your bill into multiple installments and increase your repayment period.
Medical/Personal loans
An unsecured loan option such as a medical or personal loan can help paying your medical expenses in case of absence of insurance or unaffordability.
Credit card score card needs to be excellent to qualify for a personal loan. Personal loan can be your best chance in case of exhaustion of other methods of payment.
Personal loans should be preferred over other payment options due to instant approvals, minimal documentation and no collateral factors.Though, their interest rates could be quite high, if your cibil score is relatively low.
Credit cards
Credit card payment is a band-aid solution to your medical bills.The credit card interest rates can pile up rapidly on your medical debt. This may seem like a quick fix, it can cause a bigger debt problem in future.
Unless, you are fully confident of paying off your debt in a given amount of time, credit card billing options should be avoided. Initial billing amounts or a part of the bill, however, could be paid using a credit card.
Financial hardships benefit
For huge medical bills, your low income could turn to a blessing as you can negotiate your bills for low financial hardships with a provider.
This will break-up your whole bill into smaller affordable installments, much like the payment plan. In very low income cases, the billing amount could even be reduced.
Many health departments, physicians or doctors consider an income-driven hardship factor to provide a full concession in your medical expenditures.
Check for errors in your medical bills
Errors in medical bills can save you a lump sum of money. Many experts claim that 30% to 80% of medical bills contain errors.
Errors mostly include being charged for an unused service, for cancelled tests or medications, rooms with higher staying cost, wrong information, not incorporating total insurance benefit, complex medical procedures, etc.
Always before settling your billing amount, examine it thoroughly, lookout for errors and most importantly, consult an expert for money saving recommendations.
Always remember this!!
Never ignore your medical bills or they can ruin your financial credibility through huge debt and bad credit scores. Medical bills could result in a lot of nervousness and frustration, if not tackled properly. Don’t panic in a heath emergency situation, compare your options judiciously. Medical insurance is mandatory.
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