Medical debt is a common issue of financial crisis among Americans and some ways to find help in dealing with medical financing, negotiating with the hospital, checking out government assistance programs and Medicaid options or seeking aid from debt relief agencies.
Medical financing is a widespread option among thousands of Americans who are affected by a medical debt crisis. A catastrophic ailment or a fatal accident may land you or your dear ones at the emergency room with huge medical bills being the next adverse thing hitting you hard. In fact, according to a research by CDC one American family in every three become the butt of medical debts and thus require seeking help for paying the same.
While about 15 per cent of the total population suffers without medical insurance, over 60 percent of families struggling under the impact of medical debt are racked in spite of being insured. This is because many insurance policies do not cover quite a few medical procedures that come with big amounts. If you too find yourself being handicapped with medical debts, here are some ways to get help for the same.
Negotiate with the Hospital: Check out on your hospital for any discounts they can proffer you on grounds of your non-affordability to pay the huge medical bill amounts. You can present a “letter o hardship” stating your financial status and enquire if they could give you the alternative of making payments in monthly installments which could be little easier on your pocket. Such a letter will bring forth your genuine intentions of making payments while also asking for help to do so without leaving you on the edge of bankruptcy.
Ask for Debt Management Programs: Most reputed hospitals in the nation offer financial aid in the form of debt management programs that cover a certain portion or attenuate bills for families who fulfill their basic criterion for savings and income. You just require promoting your case actively and you are sure to land up with a plan that will get your bill reduced as much as 25 percent.
Approach Government Assistance Programs: The city or state government where you reside might have local assistance programs that waiver off some portions of your medical costs. You can get in touch with the government representatives of your county or city or any non-profit and local social service agencies who might lend you a helping hand in tackling with medical expenses.
Medicaid: You require proving a substantially low income to be eligible for Medicaid which is a medical program offered by the federal and state government jointly and is generally offered to families who belong to low-income groups. Even if you do not meet the low-income criteria it is worthwhile checking out this option since in many cases people with high income also get some coverage if the amount of bills are exceptionally high.
Patient Loans: Reiterating what was mentioned earlier, medical financing can be a convenient option for meeting the expenses incurred on the gigantic medical bills. Approach your hospital or healthcare provider and ask if they provide patient loans at low interest rates that help you or your dear ones undergo medical treatment without the fear of having to crash your saving account in order to pay off the bills. Many private hospitals and health care institutions opt for medical lending solutions from third party financial organizations that work with them to proffer customized plans for their patients. The benefit of opting for medical finance is that these financial organizations do not merely judge a borrower’s ability to pay back loans by looking into the credit score. Instead, they take into account a wider spectrum of financial information of the individuals and suggest plans accordingly. The loans come with convenient monthly payment options and low interest rates, thus allowing you to repay the medical bill amount over time.
Other Options: If you are suffering from an ailment which requires undergoing long-term treatment ask your local pharmaceutical companies for free or discounted rates on your prescription medications. Many financial companies and national and regional non-profit charity agencies offer pharmaceutical organizations options to offer patients such discounts through discount cards, patient assistance programs and medications. Low-income group families seeking treatment of their children can check out Children Health Insurance Program pertaining to the particular state. Finally, approaching Debt Relief Agencies can be helpful in attenuating your medical bills as they directly deal with your health care provider and fishing you out of debt in lieu of a negligible amount of fee.