Even though you have health insurance, some circumstances like a long illness could see you end up with a large hospital bill.
Paying your medical bills is not as clear-cut as paying any other form of debt like credit cards and loans. There is a bigger opportunity to negotiate repayment terms or reduce your bill amount.
After you receive your medical bill and you have insurance, look at everything the insurance covers and any additional benefits you are entitled to. If you don’t have insurance, your bill will be higher than those with insurance.
Some of the options you can use to pay for the hospital bills include:
Payment plan
Many health providers, including dentists and physicians, work out payment plans with their patients. It is one of the most common and simple methods of paying your bill, especially if you can’t afford to pay it all at once.
You and the health care provider will develop payment terms and the minimum amount you should pay monthly, depending on the bill amount. Ensure you ask if there are any additional fees or billing charges associated with your payment plan.
Medical credit cards
If you find a health provider that does not accept payment plans, they might allow you to use a medical credit card. They are usually for specific medical procedures, and most of them have a 6-12 months interest-free period.
Unsecured credit options
You can either take a personal medical loan or a 0% credit card. A medical loan will help you pay for planned or emergency medical procedures. It is a good option if you have run out of other options. The loan amount ranges from $1,000 to $100,000, which helps cover a lot of illnesses.
Ensure you shop around and determine the loan with the best payment terms and interest rates.
Getting a 0% interest credit card is the other unsecured credit option if you are not eligible for a medical credit card or payment plan. However, you need to have an excellent credit score and credit history to qualify.
Ensure you pay off your medical before the end of the promotional interest period because that means you start paying interest.
Income-driven hardship plan
If you have high medical bills but a low income, you might qualify for an income-driven hardship plan. This plan helps break up your total medical bills into small manageable amounts you should pay over a certain period.
Negotiate the price
If you see any charges that are too high or wrongfully put in your bill, you can try to negotiate the price by yourself or hire a medical bill advocate. Medical bills advocates understand how to read the medical bill and common procedure costs.
Therefore, it’s easy for them to identify overcharges and errors. Before you hire a medical bills advocate, ensure that the money you save from the negotiations will be enough to cover for the services to avoid additional costs.
Dil Bole Oberoi
