Medical debt is a rising problem in the USA. With the healthcare bill not going anywhere, the prices seem to be surging. Unchecked insurance markets are making a killing at the expense of the sick, even simple 911 ambulance calls go into the thousands. It leaves a lot to be desired for those who are left making payments and it often drives people into serious debt. Following are some medical debt solutions that you can consider.
Medical debt solutions
In 2007, medical debts caused 62% of personal bankruptcies in the country. Ten years on, the situation is not all that better. You have a few months before your debt goes to a collection agency and gets registered on your credit report, so you need to act quickly.
The first step to managing your medical bills is to make sure your insurance properly covers all your billed procedures. These billing errors often lead to a lot of confusion and people don’t normally look through the details.
Start making payments
Once you get your bills in hand, start making the payments right away, even if you are short of cash. You need to send in a check at the earliest. Make sure you call the hospital and inform them that you are making a small payment towards your bill and have them deduct it from your overall bill.
Payment arrangements are agreements that you make with your doctor that ensures you make payments in installments. Try and work one out with your hospital, it gives them the assurance that they will get their money. This will also help to make your financial situation manageable.
File for bankruptcy
If you are really struggling, another option is to file for bankruptcy. You need to submit your filing in court and the court will discharge your debts, including medical bills, provided the court finds your application acceptable. Your bankruptcy lawyer in Houston will help you understand how easy it can be to eliminate your medical debt in bankruptcy.