Medical Debt Relief

Has a medical crisis affected your family? Health issues can arise out of nowhere, and although many people have health insurance, medical bills can become quickly unmanageable. According to the Consumer Financial Protection Bureau, medical bills and medical debt is a problem for 1 out of 5 U.S. citizens. If you or someone you know is swimming in medical debt, try getting some relief with these tips:

  1. Speak with us first. Medical debt is considered within the category of “unsecure debt,” meaning it isn’t property that can be repossessed by the creditor. This is good news, because unsecure debt is the most easily eliminated debt by filing bankruptcy! Talk to one of the lawyers here at Richard Banks & Associates in a consultation to take a look at your options.

  2. Negotiate. If you are self-employed, have irregular income, or have circumstances in which you are having trouble making your medical bill payments, it is possible, in some cases, to negotiate your debts. Be sure to speak with a health provider who is in a position to negotiate in the first place – and be kind! The sooner you decide to negotiate, the better. Things will only get tougher when your health care provider decides to contact a collection agency. Give them the information about your current employment situation, and let them know it is a financial issue, not a personal irresponsibility issue.

  3. Payment plans. Negotiating a payment plan with your healthcare provider can be a life-saver, literally! If they are asking for $200 dollars a month, but you can only afford $50, let them know that. They might be willing to negotiate a set payment plan with you if you assure them that by lowering the payment, you will be able to pay on time. Medical bills vary from hospital to hospital, and there are actually many errors in medical bills that people usually don’t find. By doing your homework, you might be able to discover that you can save money.

  4. Try to avoid using a credit card. As soon as you use that piece of plastic, you’re putting yourself more at risk. Not only do you lose a lot of your negotiating ability, you’re also going to end up paying more in interest in the long run. By sticking with the hospital’s payment plan, you can avoid high interest rates and pay according to what’s comfortable for you.

At Richard Banks & Associates, we know that trying to keep up with medical bills can be stressful and overwhelming, and we want to help. Contact us for a free consultation to learn more about your debt relief options. Have a safe and wonderful week!