Medical debt in the United States is still one of the most common ways people find themselves in financial trouble. With unemployment rates only slowly rising recently, many are seeking self-employment opportunities through freelance gigs and odd-jobs. While projects might temporarily help with income, they won’t be enough to overcome the unreasonably high prices of medical bills that are designed to gouge insurance companies that can afford it.
According to Forbes, a recent survey by the Commonwealth Fund found that 41% of Americans have problems with medical bills or problems paying off medical debt. So where to turn for options of relief? Here are some tips with options you may not have encountered with a basic search:
Create a Budget
Starting with something simple. Sometimes the gravity of a medical situation and trying to find medical debt relief is just too much to wrap your head around. So return your mind to the simple things; what is the tip of the iceberg to tackle? According to MarketWatch, “For cancer patients with insurance, out-of-pocket costs can reach $12,000 just for one medication and average treatment costs can hit $150,000, according to the Kaiser Family Foundation. And tragically, cancer patients are 2½ times more likely to declare bankruptcy than people without cancer, AARP Magazine reports.”
Ballparking your total debt, in addition to establishing a reasonable monthly payment, will help you visualize what the journey will look like. Google Drive will allow you to make a digital sheet of your expenses, while there are several online programs that can plan your finances.
Additionally, you can use GoldenFS.org’s new budget and snowball calculators to get yourself organized. In the Budget Calculator, input your expenses and all income sources, then proceed to the Snowball Calculator to learn a new and effective payment method where paying off the smallest bill or credit card first will provide financial flexibility and a better debt-to-income ratio.
Here are some additional medical bill-related expenses to look out for, via MarketWatch:
- Outpatient visits, such as regular provider visits, chemotherapy or radiation treatments, and consultations.
- Inpatient visits, such as hospital stays and procedures.
- Lab testing.
- Prescription medications.
- In-home caregivers.
- Mental health therapy during treatment.
- Transportation and travel costs.
- Possible lost pay to due absence from work, if any.
Consider a Loan
Unless you befriend a billionaire willing to pay off your medical debt, you will need to start considering outside options. Medical payment collections companies tend to be aggressive in their pursuit of you when you owe money on your bills. Begin to apply for online for loans, where applications will not hurt your credit score. Compare interest rates your receive in your quotes to determine the amount of additional funds you will need to pay a loan, rather than the monthly medical bills.
However, better than a loan might be a custom debt relief services. If you’re struggling with mountains of debt, paying high-interest rates or getting harassing phone calls from collection agencies — it’s time to consider debt relief services. IAPDA Certified Debt Relief Professionals are available to assist you — Just Call Golden Financial Services For Your Free Debt Relief Consultation Now at (866) 376-9846.
Be Open About Finances with the Bill Collectors
One thing you may not know about medical bills and their extremely high costs: The is a bottom line most bill collectors have where they can make a quick profit from a settlement payment made today. It never hurts to let them know you can’t afford the high costs they are asking for, but also that you can make a large payment amount now instead. Often, you are allowed to make a one-time payment to settle the debt, and this is where the loan and debt relief services come in handy. The loan can be cheaper in the long run than the medical payments, and the debt relief services can help you make a financial plan to pay off the loan.
While changes may be coming to the United States’ way of handling medical debt solutions, for now you may want to contact Golden Financial Services for help. Start by giving us a call at the number above, or apply today online: Click Here