Medical debt is a serious problem for many people, because it is quickly overwhelming even with insurance coverage. Deductibles, co-pays and coinsurance add up. On top of that, certain providers or people who worked with you during your treatment may be out-of-network providers, meaning that you have to pay even more for these services.
Medical debt doesn't have to mean the end of your financial security, even though it may seem like it. Very fortunately, there are ways to negotiate financial debt and to eliminate it. From negotiating with your medical provider to opting to go through bankruptcy, there are ways to avoid having medical debt impact you in the future.
Can you negotiate the costs associated with medical care?
Yes, and if you do your research well, you might save hundreds or thousands of dollars. For example, if you have a surgery that is usually $7,000 but the hospital charges you $12,000, you should bring quotes from other hospitals or providers. Showing that the amount you paid was over the normal range offered by other medical professionals may help you negotiate a discount.
Offering to pay in full may also help. Medical providers don't want to wait months or years for a full payment. Offer as much as you can pay upfront, and they just might take it and close your bill out as being paid in full.
Our website has more on medical debts and the numerous options you have to pay them off in full and free your finances. Negotiating, bankruptcy and other options may be of help in your situation.