Medical Debt Relief
Medical debt in the United States is still one of the most common ways people find themselves in financial trouble, but the good news is that help with medical bills is now available. The two most popular types of medical debt relief programs include debt settlement and validation. Let’s take a closer look at these hardship programs and then talk about debt relief options that you can do on your own as of 2020.
Medical Debt Relief Programs
Option A.) Dispute medical collection accounts with debt validation and potentially have them proven to be legally uncollectible where they no longer need to get paid (click here to learn about a debt validation program)
Option B.) Settle medical debt for around 70% of the total balance owed, including debt settlement company fees (click here to learn about a debt settlement program)
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?
Next, we will discuss some medical debt relief options that you can do on your own.
Contact The Hospital & Ask For An Itemized Bill
Just by asking them for an itemized bill with every single charge, they will almost always lower your bill. The reason why is because the hospital reviews your bill internally before sending it to you and will take off unnecessary charges that they don’t want you to see they charged you for (e.g., like charging you $35 for a band-aid).
@shaunnaburns3Pro tip debt collections ##askforanitemizedbill♬ original sound – shaunnaburns3
What percentage of medical bills have errors?
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 several online programs can plan your finances.
Pay Off Medical Debt With The Debt Snowball Method
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. You can begin by comparing rates with various online lenders, like Lending Club, OneMain Financial, and Avant. Compare interest rates you receive in your online quotes with different lenders to determine the cheapest route.
If your credit score is less than 710, a customized debt relief service will be a better route for you to take over the loan. Debt relief programs will offer you a faster solution and better savings.
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.
How to settle a medical bill for around half on your own
Most bill collectors can make a quick profit from a settlement payment made today. It never hurts to let them know you can’t afford the high bill they are asking you to pay, but you can make a one-time, lump-sum payment instead, in exchange for “payment in full.” Medical bill collectors often pay around 20% of the debt when purchasing it from a hospital. So, you could offer 40% of the debt as a settlement, and they will still make money. Just make sure to illustrate that’s all the money you have, and there is no future income coming in.
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 for medical debt relief – Click Here.