Help For Medical Debt - How Medical Bills Can Be Negotiated And Reduced
Medical debt causes nearly two million bankruptcies a year in the U.S
. With so much debt being wiped away with the court system, medical providers in many cases are willing to negotiate debt reductions. Its simply a matter of knowing how to proceed and who to talk to.Bankruptcy ought to be a last resort when it comes to debt relief since it will remain in your credit history for up to 10 years. This makes getting any kind of low interest loan next to impossible and a lot can happen financially within that time period.
Also, try to avoid placing medical debts onto charge cards, another common mistake made by many. Credit card issuers charge high rates of interest which could make paying the debt off even more complicated and easily result in even worse debt problems. Luckily, there are other options which are much better that will help you relieve high debt stress.
Going straight to the provider yourself is a good option, as numerous doctors, clinics and hospitals will readily reduce your bill by 20-30% if you're able to show a willingness to create more frequent or larger payments. If you're able to convince them that you are in a critical debt situation and may need to file bankruptcy if measures arent taken, they might lower your bill even more. They would much rather receive something for his or her services than receive nothing via a bankruptcy.
If you are unable to create anywhere of payment whatsoever, you may see if you quality for state or federal assistance programs. You may also check with neighborhood programs which are often setup through churches and other non-profit organizations.
If you are unsuccessful with self negotiations, dont have the time to invest in it (appointments have to be setup with each provider), or are in a dire financial situation that requires immediate attention, you should speak to a company that are experts in negotiating with medical providers. These businesses can often lower your bills by 60-90%, thereby significantly lowering your debt and the stress associated with it.
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