How To Pay Off A Big Medical Bill

Each year, more than 80 million people struggle to pay medical bills in reality they can not fit into their budget. Additionally 700,000 are forced into bankruptcy because of medically-related expenses. So what do you do if you have a whopper of a bill you can not afford to pay?

Here are some tips to help you manage those high medical costs:

Check With Your Insurance Company
IF you have insurance coverage but your claim for medical care was subsequently denied, file an immediate appeal and see it through.

Make An Effort
If you are not insured, at least show the facility that you owe that you have every intention of making good on paying your bill. They want to see a good-faith effort towards paying off your debt. Whatever you do, don’t ignore the bills. Contact the office and work in negotiating a payment plan you can afford. Your goal is to avoid being turned over to a ruthless collection agency and allowing the medical bill to negatively affect your credit.

Negotiate a Payment Plan
Office clerks in the billing department may try to play hardball with you but do not accept no as an answer without trying for a better deal. Ask for a discount for paying in cash. If you do not get anywhere with the desk clerk, ask to speak to a supervisor or the patient accounts manager who may have more pull in the decision-making department. Let them know honestly how much you can afford to pay each and every month and be sure to get the final arrangement agreed upon in writing.

Look for Financial Aid
Consult with the billing department about any available financial assistance you might qualify for as a patient. Many people assume they will not be eligible for such aid and end up missing out on that much-needed help.

Prepare Beforehand
If you are anticipating a costly medical procedure or treatment, start early and consult with the doctor prior to the procedure to discuss your financial concerns. Many physicians will agree to work with you, giving discounted prices for those without insurance or the financial means to afford the care. This can help alleviate the shock of a big surprise bill in the end.

Having medical concerns is bad enough but adding financial issues to the mix can make your medical issues worse if you are stressed about money. Medical emergencies are not predictable so it may be in your best interest to sock some money away in a savings account to back up what your insurance doesn’t pay. If you don’t have insurance coverage at all, make medical emergency savings a priority in your budget.