Medical care doesn’t come for free and for those without insurance coverage, costs can soon skyrocket. In fact, medical debt is currently one of the leading causes of bankruptcy in the U.S.
If you find yourself owing vast amounts of medical debt, what are your options? What’s the best way to wipe out medical debt?
Can costs be negotiated?
Just because you have received a final bill doesn’t mean it cannot be altered. Perhaps you didn’t have to receive the precise treatment that you were initially quoted for? Maybe the hospital is in a position to offer some flexibility on the price? It’s always worth reviewing your final bill to check for any errors and price points that can be negotiated.
Could a charitable cause help?
People often don’t like to ask for assistance. However, there are charities in place to assist people whose medical debt has spiraled out of control. Are you eligible for a charitable scheme? What’s the harm in finding out if you are?
Can you pay over time?
Some medical institutions are understanding that settling bills instantly requires significant upfront payments. For this reason, it is not uncommon for them to offer payment plans. With a payment plan, you can settle your bill over time at a rate you can afford. This can prevent your bill from feeling overwhelming as well as stop your debts from getting out of hand.
Should you consider bankruptcy?
When you’re in a trap due to medical debt, it may be time to consider bankruptcy as a viable option for debt relief. Bankruptcy is nothing to be feared, and it can help you to recover sound financial footing after a medical crisis.
If you’re struggling to get your medical debt under control, you always have legal options.