28 May What to Do with Medical Debt
A serious medical emergency, with a bill in the mail to match, can put you into serious financial trouble. Medical debt now accounts for almost two-thirds of declared bankruptcies in the US. And even though medical debt is very serious, there are a few things you can do to help make it manageable. Below are what you should do with your medical debt.
Don’t Ignore It
Even though it is easy to just avoid the situation altogether, you really shouldn’t. Having a ton of medical debt can negatively affect your credit and can lead to a creditor who will be more aggressive in trying to get the bill paid. Instead, tackle it head-on, perhaps with a professional, and see what you can do to lower your debt.
Check for Errors
One of the first things to do to try to lower your debt is to check for errors. Errors on your medical bills can lead to hundreds of thousands of dollars. If you see anything out of the ordinary, such as a service you didn’t receive, contact your hospital and ask to have your bill reviewed. Also, check to make sure your insurance is covering everything in your plan. Often they can make a mistake too and you would need to pay out of pocket.
If you want, you can negotiate your bill down. If you feel like your billing is excessive, then try to talk to your doctor or hospital about bringing it down. You can also ask to have the bills paid in installments instead of in one lump sum or you can negotiate a better payment plan.
One of the best ways to deal with medical debt is to be prepared. Having a savings set aside for emergencies like these can help you considerably. Also, if the debt is too much, bankruptcy might be an option. Even though this option isn’t ideal, it might be the best way to get your finances in order. In either case, at the Bank of the Lowcountry, we are here to make sure that you know exactly what to do in any financial situation. If you are struggling with medical debt, contact us and we will see what we can do to help you.