How You Can Cope Up With the Collection of Medical Debts
Medical debt is undoubtedly one of the biggest issues that most of the individuals are facing. The medical expenditure for an individual has increased greatly and during any emergencies, it is almost impossible to clear the entire medical bill at once. Medical bills are extremely serious and they can cripple the finances that you already have. The major bills normally come as surprises to numerous people, and needless to mention, this surprise can be a very big one. According to www.myfinancialgoals.com, 50% of the personal bankruptcies in the United States are normally triggered by the major medical bills. You should be capable of dealing with the medical debt before you are pushed towards bankruptcy. There are ways and your main objective should be talking to a person who has a proper idea about how they can help you in clearing your debt, thereby reducing the stress level.
Given below is a list of the ways in which you can cope up with the medical debt that you have.
Not ignoring the bills
Most of the individuals tend to bury their head in the soil; however, they need to understand that this is not going to help the bills to go away. On the contrary, this is capable of making the situation worse. The doctors and the various other medical providers are responsible for collecting the money on the account for 5 or 6 months before they are sending the amount to the collection agencies.
At this point in time, the bill is responsible for going to the credit report, thereby hurting the chances of taking loans in the future, especially if you have decided to purchase a house in the near future. Chances are that you will be sued for a huge amount of withstanding debt, which can lead to a judgment, wage garnishment, or bank levy.
Ensure that there is a medical bill, not only an explanation of the benefits
You should read your bill thoroughly to ensure that your balance is due. It has been observed that most of the times the health insurance companies are responsible for sending the explanation of numerous benefits for explaining the total amount of money that has been cleared on behalf of you. These explanations of benefits will be responsible for giving the heads up to the medical bills, which are coming next. If you see that the explanation of benefits only shows that the insurance organization has paid a part of your claim, you can further expect the office of the doctor to send the medical bill as well.
Verify that your item is not covered by insurance
One of the most complex procedures is a medical billing and there is no doubt to the fact that numerous mistakes can happen. Ensure that the hospital or the doctor’s office has correctly billed your insurance company. It is your duty to check whether all the appropriate services have been mentioned and then it is your responsibility to follow up with your insurance company and understand as to why that particular bill has not been paid. You should be proactive when you are clearing up the mistakes and keep in mind that this is going to help in saving a lot of money.
You have to understand that various medical service providers are known to have different structures of pricing. You should definitely argue if you see that a huge amount of money is being charged for the bandages. A special thing about the medical industry is that they think that most of the people do not understand as to what is being billed, and they use this lack of knowledge against a particular individual.
You need to inform them that you will not be able to make the payment if they are not working with you. If you feel that you will not be comfortable when you are negotiating, you have the option of searching for online companies, which are going to negotiate in a great manner for you. You can also opt for the debt programs to get rid of the medical debt.
Paying it off
It is true that you can pay the medical bills that are small in amount if you have enough money in your emergency fund or your savings account. You can write checks and send it to the address that has been listed on the medical bill. Ensure that you are writing the account number so that you do not get billed constantly. If you are unable to pay the entire balance at once, you have to call up the hospital for setting up the payment arrangements before your debt is being sent to the collection agencies.
Making the arrangements for payment
Contact the hospital if you are not clearing the entire bill immediately so that the billing department understands that you are not ignoring your bill. You should ask for proper payment plans for clearing off the withstanding balance of your medical bill. Ensure that you are reviewing the budget completely in order to understand the money that you are capable of affording. Like all the other bills, you should clear your medical bill timely at the end of each month as well. Otherwise, there is a high probability that your account is going to be sent over to the collection agencies despite the previous payments that you have completed.
Paying the medical bills of your child
Ensure that you are not ignoring the bills that are coming from your child specialist or because of an emergency room visit. Among all the forms that you have signed, surely there was a particular agreement to make payments for the medical expenses of your child, which are probably not covered by the health insurance. If you are not paying your bill, it can hurt the credit score to a great extent.
Medical bills can be extremely costly and it is extremely easy to go into medical debt. This is why it is crucial to have a proper plan when you are dealing with your medical debt collection. Consider all the ways that have been mentioned above and you will surely be able to get rid of your medical debt.