Medical debt is one of the most frustrating debts to overcome. It can total in the thousands or hundreds of thousands very quickly, depending on the severity of an illness or injury. Even with insurance, there is a possibility of having deductibles, copays and other expenses that add up.
The good news about medical debt is that it can also be one of the easier forms of debt to eliminate, especially if you can prove that you are unable to pay the debt back due to your income level. Did you know that some hospitals and medical providers offer services that help pay off medical bills for those in need? That's the first thing you should ask about when you receive bills that are too high for you to pay.
Another thing to do is to look payment plans. Yes, it might take a lifetime to pay back your debt paying only $100 a month, but it will prevent you from going to collections. For large debts, a payment plan may give you time to find alternative solutions without impacting your credit.
There is the possibility of negotiating or settling medical debts as well. If you can pay 75% of a bill, for example, the medical office might accept that offer in lieu of the higher charges since you would pay in full now.
Last of all options should be bankruptcy. Bankruptcy is a great choice if you can't afford the bills and are struggling to overcome your debt, but it's not the only solution. Your attorney can talk to you about other options, too.