Everybody hates having to deal with an unexpected bill. Even if it’s a small fee applied to something such as purchasing concert tickets, it is something that can result in a hefty dose of frustration. Yet frustration is only a drop in the emotional ocean when that unexpected expense is as serious as a medical bill.
When faced with this type of bill, it can cause your finances to instantly crumble. This is particularly the case for those with limited savings, and this is the reality for the majority of people. Research suggests 59% of adults in America don’t possess even $500 in savings.
While medical bills can have a negative impact on your life, it doesn’t have to cause you undue distress. To help deal with the issue, here are five steps to paying off your medical debt:
See what payment plans are available
Fortunately, a large number of medical providers can arrange a payment plan to cover your medical bills. Whether it’s a hospital, physician, dentist, and so on, they will craft a plan that spreads out the debt across multiple monthly payments.
When choosing a payment plan, see what type of fees and billing charges come along for the ride. Ultimately, these could make the plan more expensive than what it initially seems.
Look for financing
If a payment plan isn’t available from your medical provider, or it doesn’t quite cover the full cost of the bills, there are alternative financing options available. For instance, you could acquire a 0% interest credit card or a personal loan.
As with the medical payment plan, always look at the finer details. You don’t want to be stung and plunge further into debt due to a hidden stipulation.
Create a budget
When you have your financing in place, you will have a general idea about how much you will be paying each month towards your medical bills. With this information, it’s vital you create a budget – and then stick to it.
Of course, your finances will naturally change to fit in the medical bills. This means you will have to make certain concessions. See what expenses are not essential and cut them out from the equation.
Receive help if hit with a lawsuit
Sometimes, your debt can spiral out of control. At this point you might find debt collectors at the door looking for payment. This could then end with you being hit with a lawsuit over the medical bills.
First of all, always respond to the lawsuit. Then it’s a case of enlisting the right attorney. When you receive expert help when facing lawsuits over medical debt, you have a greater chance of a favorable result. Plus if you have a strong case, you might not even have to pay for the attorney’s services.
Reward yourself
Yes, you’re saving money to cover your bills. However, that doesn’t mean you can’t reward yourself occasionally. For example, you could set a quarterly goal to pay off a certain amount of debt. If you meet that goal, you could enjoy a reward such as going a weekend camping break. This type of incentive can keep you on the right path.
Add Comment