Believe it or not, medical bills are to blame for over half of the bankruptcies over the last ten years. Even people with insurance and a relatively low amount of debt can still encounter challenges with being able to pay off medical debt.
When you go to the hospital for a serious condition or accident, it can set you in debt tens of thousands, leaving your finances totally crippled. So, how do you cover your medical debt without going bankrupt? Take a look at some of the best ways to handle your unpaid medical bills.
Talk To a Lawyer
If your accident was a result of someone else’s negligence, then you should talk to a lawyer. A lawyer will be able to help you determine whether you have a strong case or not.
If they do determine that you have a good chance of getting someone to cover your losses, then you should proceed with filing a lawsuit. Even with insurance, you’ll still be responsible for paying a portion of your bills and may have to miss a considerable amount of work.
Use Your Emergency Savings
Financial experts recommend putting away at least six months’ worth of your salary for emergencies. Unpaid medical bills are one of the biggest reasons you should always have savings on hand.
Knowing that you have the money to be able to take care of you and your family is worth putting savings aside every month.
In some cases, you may be able to negotiate with medical providers. If you’re being asked to pay exorbitant prices for minor procedures such as having your temperature taken or a doctor applying a bandage, then you can sometimes talk them down.
Don’t be afraid to call and put your negotiating skills to use. Tell them that you can’t pay it all off if they aren’t willing to budge.
If you’re not able to pay for your bills in full, then you should ask for a payment plan. Your doctor’s office may agree on an installment schedule for you so that you can pay off your bills over time.
Just make sure that you’ve taken a look at your budget to ensure that you can comfortably afford the additional bill each month while still being able to pay your rent.
Failing to pay your bills will result in them being sent to collections which will start to have a negative snowball effect.
However, by following these tips and staying aware of your incoming bills, hopefully, you can find a solution that works. The most important thing to avoid is ignoring the bills altogether. Ignoring the problem won’t make it go away; it will only make it worse.