The costs for health care in the U.S. are incredibly high across the board and prices are only getting higher. You can be stuck with thousands of dollars in medical bills after a single procedure or a short stay in the hospital.
Many of us can’t afford the high costs of medical treatment on our monthly budgets. Fortunately, if you’re getting calls from the hospital billing department or a collection’s agency, you do have options. Check out these three tips on how to pay your medical bills to get back on track after a pricey medical procedure.
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Focus on Hospital Payment Plans
Before you do anything else, you should contact the hospital’s billing department. Many hospitals will offer:
- Debt Reduction Options
- Debt Forgiveness Options
This means that if you call and explain your situation, you could have a huge percentage of your debt wiped away. In some cases, your medical bills could be erased entirely. Most hospitals also offer repayment plans.
With a repayment plan, the hospital will work with you to decide on an amount you can pay back for your bills each month. Generally, these repayment plans have a 0% interest rate. It may take you a long time to repay medical bills this way, but at least you don’t have to worry about interest adding up.
Get Relief from the Government
The government in the U.S. can sometimes step in to help with high medical bills. Generally, the government will only help you handle medical debt if you fall into certain groups. You may be able to get relief through:
- The Children’s Health Insurance Program (CHIP)
- Social Security
- Medicare
- Medicaid
In some cases, you sign up for these programs in advance of seeking medical treatment and they are treated as a form of insurance. If you think you qualify for government assistance, you can file for the help you need and you may be able to get help paying for your medical bills.
Get Proactive with Personal Loans and Credit Options
Sometimes, you are left alone to handle medical bills. You have several options if you can’t get help from the government or the hospital where you received treatment. Look into these options if you need to pay your medical bills now:
Take Out a Personal Loan
Personal loans through banks or credit unions can help you handle medical bills. These personal loans often offer lower interest rates that can allow you to budget for medical debt. You might also be able to get immediate funds with a car title loan.
Consider Credit Card Options
Some credit card companies offer promotional deals on 0% interest cards. You can put your medical debt on one of these cards to pay the debt down easily. Note that these cards are usually only interest-free for a set amount of time, so be prompt about paying down the balance.
Medical bills in the U.S. get higher every year. You can make sure you aren’t overwhelmed by healthcare debt by focusing on these three tips on paying your medical bills.
