According to CNBC, over 30% of employees in the United States have medical debt, and almost one-third of those owe more than $10,000. If you find yourself in this situation, before you panic, know that there are different strategies you can use to address and pay hospital debt.
1. Follow Up with Third Parties
You may face unexpected medical charges if your insurance company denies your benefits. If you believe the claims were legitimate, don’t hesitate to dispute the charges with your insurer.
Or, you could be receiving calls from debt collectors while waiting for benefits after a workplace injury. Generally, your employer is obligated to compensate you for work-related medical costs, and an Orlando workers comp lawyer may need to address delays.
2. Address Inaccuracies in Your Bill
Medical billing errors occur at a shockingly high rate. Some discrepancies are minor, but a typo could mean a difference of thousands of dollars. Question your healthcare provider if you feel your bill is inaccurate, and be persistent. You can also ask them to hold your account temporarily in lieu of sending overdue bills to collections.
3. Research Alternative Payment Methods
When you can’t write a check for your overdue medical debt, you might begin looking for alternative solutions. A few options that could help you avoid collection calls are:
- Negotiate a settlement with your provider
- Work out a payment plan
- Apply for low-income charity assistance
- Hire a medical billing expert to advocate for you
- Use a medical credit card
If you feel you have exhausted all of your options and still have unresolved medical debt, your final tactic could be bankruptcy. While this process might dissolve your outstanding medical balances, the impact on your credit history will likely be significant and far-reaching. Consider bankruptcy carefully before you decide it is right for you.