When You Can’t Afford Your Medical Bills
Medical bills are the largest debt of any American. Although they are manageable, some people struggle to pay the bills month after month. The average American struggles to just get by from paycheck to paycheck. It’s very easy to fall into the trap of medical bills if you don’t understand your health care or if you skip your doctor’s appointments. Many people end up in bankruptcy because they were simply unaware that they were susceptible to falling into this debt trap.
Be proactive in handling your medical bills because bankruptcy can result. If you don’t have insurance, look for a policy through the Affordable Care Act to provide you with protection. Many doctors and hospitals charge different rates for a simple visit to see you. Some of them may even bill an insurance company for additional work that was done while your physician was treating you.
This is why you need health insurance coverage. Not having health insurance means that you will be responsible for the bill on your own. You won’t have a co-pay to help cover the cost of your visit to the doctor. Some insurance companies offer free or low cost checkups and prescriptions. Many offer discounts when you bring your children on your plan, too.
You might have a hard time paying the bills if you are in debt up to your eyeballs. There are options for consolidating your bills. There are also ways to help reduce the bills if you are suffering from bad credit. Look at options like getting a consolidation loan to pay for your bills. Consider a home equity loan or a personal loan for paying off your medical bills.
One way to help lower your medical bills is to make your doctor’s visits a little more convenient. Instead of making two trips for the same test or procedure, take only one. If you go to the doctor often, make an appointment for something that you know you’ll be in pain about. If you have a family member that has a condition that will require a prescription, it’s worth scheduling a quick trip just for the sake of convenience.
It can be expensive to visit the doctor. If you are thinking about getting medical coverage, start by looking around to see what types of health insurance programs are out there. There are many different types of plans that will cover many different aspects of medical care. If you want to keep you coverage, you will have to decide how much you can afford to pay on your premiums per month. It may be a good idea to talk with an insurance professional to make sure that you’re getting the best rate and coverage that you need.
Another option is called catastrophic cover. If you have a major accident or illness, this type of policy will pay for all or most of your medical expenses. The benefit will usually be higher than regular coverage, but it won’t cover things like pre-existing conditions. Talk to your agent about this option. Most people don’t like having to worry about this type of expense, but it is something that needs to be addressed.
Another solution is to go with an indemnity plan. These plans are usually similar to Medicare or Medicaid. They provide low cost coverage and won’t cover pre-existing medical conditions. These are all good options for those who are concerned about paying their medical bills. Talk to an insurance professional about these alternatives to see which ones are best for you.
If you have medical bills that are causing financial strain, consider filing bankruptcy. Consider what it would cost to care for a child or spouse while you were in the hospital. Consider the cost of medication and the added stress that it can cause in a family. You can file a bankruptcy claim for a variety of reasons, including to eliminate credit card debt. It’s important to remember that bankruptcy is considered a serious action and will affect your credit rating for up to 10 years. That doesn’t mean that you should avoid your medical bills, but you should explore other options to reduce the financial burden.
If neither of these options is feasible, you might want to contact an insurance agency for medical assistance. You should be able to get a good idea of their level of service before you speak to them. If they can’t help, an agent may be able to refer you to an organization that can help.
The best way to reduce the financial impact of medical bills is to seek medical assistance in the first place. When you go in for a physical exam, don’t pay any of the bill. If you don’t believe that you’re ill, don’t pay for it. Don’t assume that the bill will go away because you’re hoping for a miracle. If you think you are going to have to pay for something very soon, don’t get the test until you’ve had time to find out. Remember that you’re not alone; there are many people who are in the same situation as you.