These ideas could help you owe less and/or pay off your medical debts faster. Read over each one carefully and see which ones might work for you...
The following post is by MPFJ staff writer,Laurie Blank. Laurie is a wife, mother to 4 and homesteader who blogs about personal finance, self-sufficiency and life in general over at The Frugal Farmer. Part witty, part introspective and part silly, her goal in blogging is to help others find their way to financial freedom and to a simpler, more peaceful life.
In today’s world, insurance isn’t what it used to be. It doesn’t take much in medical work to end up with thousands of dollars in medical bills on your plate.
With so many people living paycheck-to-paycheck, the addition of large medical expenses can be upsetting. After all, if you’re barely getting by as it is how are you supposed to pay back an additional debt that could total thousands of dollars?
If you’re in this situation, here are some options you can consider. Taking advantage of one or all of these options could help you recover financially from large medical expenses.
How to Pay off Medical Bills More Easily
These ideas could help you owe less and/or pay off your medical debts faster. Read over each one carefully and see which ones might work for you.
Work Out a Payment Plan with Your Provider
Most medical providers are happy to work out a payment plan with clients. Getting some money is certainly better than getting none. Therefore, they’re happy to help you negotiate a plan where payments are affordable.
Call the billing office directly and talk with a representative to discuss a payment plan that works for you.
Use Negotiation Tactics
Many medical providers will gladly negotiate with you in order to get some of the money you owe them. For instance, they might take a substantially reduced sum of money if you agree to send it right away.
Let’s say you owe a hospital $5,000. You can ask if they’ll consider the bill paid in full if you send them $3,000 today.
Not all medical providers will agree to this type of deal, but many will. If you have access to some cash, consider calling your provider to see if they’ll negotiate a lower balance in exchange for immediate payment.
Ask About Hospital Financial Assistance
Some hospitals and medical providers have financial assistance programs. If you qualify, you could get your bill reduced or eliminated.
Many times, financial assistance qualification depends on your income and other hardship factors. Call your hospital’s billing department and ask about financial assistance programs.
Get a Second Job or Side Hustle
Another way to pay off your medical debt is to get a second job or a side hustle. You could get a second job at a restaurant or retail store, for example.
Or, you could start a side hustle such as babysitting, lawn care or house cleaning. If you choose the right side hustle for you, you could easily make $1,000 a month or more.
Know that if you choose to work for yourself instead of for a company, you’ll be responsible for paying taxes on any income you earn. But the upside is that you can often make a higher hourly wage since you’re not splitting the profit with a company.
What About Medical Bankruptcy?
If you’re facing a lot of medical debt you might be wondering about medical bankruptcy. Truthfully, there’s no such thing as a bankruptcy discharge for medical debts alone.
If you file bankruptcy it will affect your entire debt load and credit record. Your best option is to work to eliminate medical bills by utilizing one or more of the above steps. Of course, if the bills are simply too much to handle you do have the option to file bankruptcy. However, that should be considered only a last resort.
***Photo courtesy of https://www.flickr.com/photos/tomasdelcoro/4677081127/in/
