3 Ways to NOT Pay Off Your Medical Debt
Facing a medical problem is never easy. It is one of those experiences that most people would rather not have. Nobody likes to get sick or hospitalized for whatever reason, but it is something that we must go through especially if our life depended on it. Another reason why most people would rather stay out of the hospital is the medical bill that comes along with it. Aside from the financial cost, the hassle and stress of medical debt can be overwhelming.
While this is understandable, there’s no reason to sink yourself further into debt. If you’re interested in paying off your medical debt, here’s what NOT do.
Charge It to a Credit Card
One of the most common mistakes most people make in dealing with their medical debt is to charge their bills on their credit card. At some point in your treatment, it may sound like it makes sense. Now, why not just let the bank do the hard work for me while I go home and relax? It may sound like a quick fix, but not until you get hit with all the huge interest, monthly dues, and the threat of getting a lower credit rating. Aside from that, credit card companies are more stringent with their collection policies than hospitals are. The same goes for loans or borrowing money from someone else.
Ignoring Your Medical Bills
Ignoring the bills is another common mistake. Bills do not magically disappear by themselves nor does your debt. By ignoring your bills and not doing anything to settle your account you are allowing your debt to grow and pile up. When you take action, the sooner you reduce the chance you will get into a more complicated situation.
Taking Money Out of Retirement
Taking money out of retirement fund is an idea that is usually brought up in such situations; however, it is not smart to take out money from your retirement fund just to pay off your debt. There are still better options which can be explored which lead us to our next topic.
A Better Alternative
When your insurance policy cannot cover all of your medical expenses or if you are left to face your bills on your own, you needn’t worry. There are still other ways to settle your medical bills.
One of the things you can do is to go over your bills and review them with scrutiny. Look for double billed entries or unnecessary charges. Make sure that your insurance is also billed correctly. Mistakes happen and you’re not attentive, you could be the one paying for that mistake.
Another thing you could do is to ask help from charitable institutions and foundations that help certain people with medical conditions. There are certain groups that raise funds for people who are in need, either in physical, emotional, or even financial support. Make sure that you check your area if there are such organizations that can help you.
The Best Solution
The best thing that you can do is to seek out a patient advocate who understands you and your situation. The Midland Group partners with hospitals and then works with you on the hospital’s behalf so you can pay your debts according to your own financial capability. Know your options, know your capabilities, and take control of your situation. Contact your hospital to see if they work with a patient advocacy group like The Midland Group.
