How to Face a Mountain of Medical Bills
Statistics show that medical bills are one of the leading causes of bankruptcy. Even if you're covered by insurance, you could still end up
with medical bills that are too high to pay. That's because insurance doesn't always cover all your medical expenses. When that happens, you're
responsible for paying out of your pocket, or making some other arrangements with the physician or hospital.
When your medical bills are left unpaid, they're often handed over to a third-party debt collector who will try to get you to pay the debt. At that point, the bills can end up on your credit report and hurt your credit score. Once a debt collection is on your credit report, it will remain there for seven years, even after you've paid the debt.
Hospitals or even debt collectors may go so far as to sue you for unpaid medical bills. If the hospital or debt collector wins a lawsuit against you, the court will order you to pay the medical bills, perhaps even through wage garnishment.
If you need help paying your medical bills, you should get help from one of several resources that are available.
1. Medicaid or Medicare
These are two government health insurance programs that may pay your medical bills even if you weren't enrolled in either when you received medical services. If you qualify for one of the programs, you must apply within three months of when you received medical services to have your medical bills paid.
If you are over 65, receive or are eligible to receive social security or railroad benefits, or you were covered under Medicare at your government job, you qualify for Medicaid.
Medicaid eligibility is based on individual need. Your state's health department can give you more information about eligibility requirements and application process.
2. Hospital Payment Plan
You can work with the hospital's billing department to make a payment plan for your medical bills. If you don't qualify for Medicare or Medicaid, working with the hospital is better than letting the bill go to collection or worse, getting sued for it.
Find out if the hospital has any income-based forgiveness programs available that can eliminate all or some of your medical debt based on your inability to pay.
3. Local Charities
They might help you pay your medical bills and prescription drugs. BenefitsCheckup.org can help you locate charity programs that may provide you with assistance.
4. Paying With a Credit Card
This is an option if you have enough available credit and the other options are unsuccessful. While you do have the benefit of not owing the hospital anymore, you now owe the credit card company. Though you may have more flexibility in paying off a credit card balance, you'll end up paying more because of interest charges.
If you pay your medical bills with a credit card, try to use one that has already has a $0 balance. It'll be easier to pay off the credit card debt when you refrain from using your credit card to make other purchases.
Medical bankruptcy has long term effects on your credit and your ability to borrow money. Try to pay off your medical debt through other options before you consider filing bankruptcy.
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