How To Get Rid Of Your Accumulated Medical Debt In A Few Easy Steps
Retirement planning and medical debt often go hand-in-hand. We try our best to save up money to use during our golden years. A nice little nest egg when we turn 65 and older sounds nice to lean back on. Unfortunately, our medical debt sometimes gets in the way. We sometimes forgo the care we need because we do not want to touch our retirement savings. We spend our whole lives planning, only to have it taken away from us in one split second.
We feel guilty and ashamed of our debt. We look at our debt as our inability to be responsible and pay what we owe. Luckily, there are ways you can fight this situation.
1) You need to check for errors in your files. Depending on the source you look at, 7% to 90% of patient files have at least one error. Many factors make it difficult to get an accurate percentage, but you can be sure doctors do get their information wrong every so often. They convince you to get unnecessary treatments. These treatments add $1,000 to your debt each time you have one done.
You can ask for a copy of your hospital bills and compare them to the ones you got in the mail. Bills do contain errors. Why did you get charged for their errors? Most healthcare providers are not in the business of taking responsibility for their actions. They assume most patients will not look, so they get away with it.
You should speak with your insurance company too. Insurance companies have a pattern of not paying bills they promise to pay. Insurance companies are cheap. They do not want to put out any additional money they do not need to. You need to go over your records and the insurance records. Did you find any errors? Call them up and speak to someone.
2) You should try to negotiate your bill. Some of the charges might be unfair. Call up your representative and talk to them. If you have shown good faith payments in the past, they might be willing to work with you. You can try asking for a discount. You pay a large amount right away and they give you a 25% discount. A plan like that may or may not work. You should give it a try at least.
3) You need to ask for help. Asking for help is a sign of strength, not a sign of weakness. Talk to a negotiator who works in the healthcare field or billing department. You can try signing up for a plan where you make small monthly payments.
Speak with an advisor. An Advisor is skilled in that area. They will know what to look for. You should also try the American Fair Credit Council. They help people get out of debt and put money back in their savings every day. Click here: https://www.investopedia.com/personal-finance/medical-debt-what-do-when-you-cant-pay/