The cost of medical treatment nowadays can be incredibly overwhelming. Having a huge financial burden can increase stress levels and cause some people to make the wrong decisions when it comes to footing the bill. If you are worried about how you are going to pay, here are some of your options when it comes to how to cope with mounting medical expenses.
Don’t Ignore the Bills
It can be all too easy to bury your head in the sand; however, this will not make the bills disappear. In many instances, it can make the situation much worse. Doctors and medical providers will only collect outstanding fees for a couple of months before they send your paperwork over to a debt collector. If this happens, your medical bill will be included on your credit report, which can have a damaging impact should you want to borrow money in the future. There is also a chance that you could be sued for the debt, so it’s important, to be honest, and open about your situation. If you have a surprise medical bill, it’s best to act as quickly as possible.
Read Through Your Mail
When the mail is delivered, you should take the time to read through any letters to make sure you know what your balance actually is. In some situations, the health insurance company provides an explanation of benefits which outlines what has been paid on your behalf. The explanation of benefits can be incredibly useful and notify you of any medical bills that are coming your way.
Check If You’re Covered
Medical billing can be incredibly complicated, and mistakes often occur. Therefore, ensure your doctor’s office has billed the correct insurance company for the services that were provided. That way, you can find out why the bill was not paid. Checking if you’re covered by insurance can make a huge difference in clearing up mistakes as well as saving you tons of money.
What you may not realize is that medical service providers have various pricing structures in place. For example, if you have been charged $1,000 for a couple of bandages, you will be able to make a complaint about it. If you feel that you are being treated unfairly, make sure to call the provider up and address your concerns. Being able to negotiate can bring the cost down and help ensure that you’re paying for the treatment you received. If you don’t feel comfortable with negotiating, there are various companies that can do all the hard work for you.
Pay the Bill Off
If you have small medical bills, you may be able to pay them off in a lump-sum, however, you can only do this if you have the money available in an emergency fund or a savings account. Simply write out a check and send it to the billing address that is listed in your letter. Ensure you write the correct account number on the check to avoid being billed more than once. If you can’t pay the full balance, make sure to contact the doctor’s office before your debt is sent over to a collection agency.
Making a payment arrangement can take the weight off your shoulders and help you gain control of your mounting medical expenses. Once you contact your doctor’s office, this can let the billing department know that you are not ignoring the bill. If you are responsible for making the payment, you can set up a payment plan that suits your budget, enabling you to pay off any outstanding fees without worrying about how you are going to afford them. As long as you have the money in your bank account each month to pay the bill, there should be no problems.
Child Medical Bills
If your child has had medical treatment, you should not ignore the bills from your child’s doctor. When you were signing the forms, you will have made an agreement that you are solely responsible for paying the bill for your child’s medical care. If you ignore mounting bills, it can damage your credit just like it would if the medical bill was for yourself.
Medicaid is a health insurance company that specializes in providing help and support for residents with a low-income. If you are unable to afford your medical expenses, be sure to contact your local state Medicaid office today to check whether you’re eligible. The qualification criteria can vary state by state so while you may qualify in one state, you might not in another. If you are successful, you can use Medicaid to foot the bill for medical expenses that you have already incurred. However, there is a time frame that you need to adhere to so it’s best to apply sooner rather than later.
Use a Credit Card
While it’s not the best route to go down, you may not have a choice but to use a credit card to pay your medical expenses. If you have tried every option possible with no success, using a credit card can help you avoid having to deal with a collection agency. When finding a credit card, you should have a look at their interest rates and available credit among other features.
Take Out a Loan
Instead of using a credit card, you may want to take out a loan. For example, Bonsai Finance provides pension loans which can give you financial flexibility and help cover the cost of mounting medical bills. Pension loans are received in the form of a lump sum payment which can be used for unexpected expenses and help you to clear your debt. Be sure to visit their website today where you can find out more information about how these could affect your pension in later life.
If your medical expenses are increasing and you aren’t sure where to turn, there are many routes that you can go down to nip the problem in the bud. Whether it be negotiating to get the cost down or sorting out a payment plan that suits you, you should do your research before you make any final decisions. Gaining control of your medical expenses can reduce the risk of you having to file for bankruptcy so you really don’t want to ignore them.