Finding Relief From the Pain of Medical Bills | Richard Banks & Associates, P.C.

Anyone who has ever been hit with unexpected medical issues knows how painful they can be—physically, emotionally and financially. Not only are you facing what are often serious health concerns, but you’re also dealing with the stress of figuring out how to pay the medical bills that have found their way into the mailbox.

Our team at Richard Banks & Associates, P.C. knows that trepidation regarding medical bills is a constant worry in many households, so we’ve compiled some tips to help you find financial relief.

In 2017, the Federal Reserve released its findings on the Economic Well-Being of U.S. Households, which included some alarming statistics.

Out of those surveyed, 44 percent of respondents said they could not cover an unexpected $400 emergency expense or would have to rely on borrowing or selling something to do so, which was up by 6 percentage points since 2013. Those who have come face-to-face with medical situations know all too well that they rarely come in at $400 or less. Twenty-three percent of respondents stated that they didn’t expect to be able to pay all their current month’s bills in full, while 25 percent admitted to skipping medical treatments due to cost in the prior year.

In a 2017 study by Amino, a healthcare transparency company, it was found that 63 percent of Americans consider a large medical bill just as bad, if not worse, than a serious illness. Amino also discovered that fewer than one in four Americans (23 percent) can cover an unexpected medical bill totaling $2,000 or higher.

So what can you do if you find yourself overwhelmed by medical bills? Here are three simple tips to guide you toward medical debt relief:

1. Review the bill. This may seem trivial, but it’s never the best practice to assume charges are correct simply because they appear on the bill.

2. Don’t use credit cards to pay them off. It may seem tempting to use your credit card to get the medical billing department off your back, but it could lead to a never-ending cycle of debt that can negatively impact your credit score. Besides, most medical bills come with little to no interest.

3. Work out a payment plan. For the most part, the doctor’s office or hospital is more than willing to work out a payment plan with you—all they care about in the long run is getting paid. If you play your cards right, you may even be able to knock down the total amount due by calling and discussing options with them.

If you feel like you’re drowning in medical debt, another option is to speak with our team and find out if bankruptcy is the best choice for you. Because medical debt is considered unsecured debt, it is easily eliminated through bankruptcy.