More Americans are struggling to pay off their medical bills as they continue to lose their jobs, along with their health insurance, to a worsening economy, and as scaled-back health care contributions from employers make a bigger dent in the personal finances of those consumers who still have their jobs.

To keep on top of your medical bills and save yourself from the hassle and the consequences of being sent to collections, you should take a proactive approach:

1. Look over your monthly statements. Review every bill for any discrepancies or mistakes, and make sure you’re not being overcharged for something or paying for a service or procedure that should be covered by your insurance.
2. Explore all of your healthcare options. Talk to your hospital or medical office billing department to find out if you’re eligible for public medical benefits, including Medicare or Medicaid, or for hospital financial assistance programs. Also, check to see if your medical care provider would consider negotiating a repayment plan with you.
3. Communicate with creditors about your financial situation. Contact your hospital or medical care provider as soon as you know you’ll have a problem making your payment. They’ll be more willing to negotiate with you if you’re upfront and honest with them rather than if you just ignore your bills until they send your file to collections.
4. Avoid transferring medical debt to a credit card. Paying off your medical debt with a credit card may not only increase the total amount of debt you owe (once interest is figured in), it could also affect your eligibility for Medicaid. Once you transfer debt accrued from medical bills onto your credit card, it may no longer be classified as “medical debt.”
5. Pay even the smallest amount as a gesture of “good faith.” Make a payment on your medical bills, no matter how small, each month to demonstrate to creditors that you’re committed to paying your debt.

Popularity: 9% [?]

No related posts.