How to Overcome Medical Debt

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overcome medical debtIf you are sick or have been injured, then you don’t need us to tell you that medical expenses in the U.S. are out of control – even if you have insurance.  One of the problems with medical expenses is that it can be difficult to know where to begin and unfortunately many people choose bankruptcy as a way out.  But it doesn’t need to be this way.

How to Overcome Medical Debt

Thankfully, bankruptcy is not the only the solution. In fact, more often than not, it’s the worst solution. Take a look at all of your options below. Give it a serious effort, and I believe that you can overcome medical debt and come out the other side stronger than you ever believed possible!

Keep on Top of Your Bills

While this can be easier said than done, one thing you want to do when going through medical treatment is to stay on top of your bills.  Doing so will help you to make sure that medical providers are properly billing you and that the insurance company has everything they need to process payment on time.

It doesn’t matter if your bills are tied to a major illness or an accident, you want to make sure that everything gets paid as best as possible.  In addition, this will help you to track which payments are due and which you might be behind on.  This will stem the bleeding if you happen to find yourself falling behind.

Know Your Insurance Policy

You get insurance to cover the unexpected, but what about the times when your insurance company throws you a curveball?  Therefore, you should know the terms of your policy inside and out. Doing so will help to familiarize yourself with the processes needed for making a claim, which treatments are covered, and steps behind appealing a decision which might not go your way.

When it comes to appealing a decision, this is where you will need a lot of patience and maybe a little of outside help as well.  The reason is that the appeals processes of most insurers are intentionally set up to be impossible to navigate – after all, insurers make their money by not paying claims.

If you are facing a never-ending claims appeal, then you might want to consider getting a lawyer to help.  For example, if your case is tied to an accident in California, then you might want to consider retaining the services of a Woodland Hills personal injury attorney to guide you through the process.

Make a Deal

Most medical providers are businesses and as such, they are almost always ready to make a deal when it comes to what is due to them. This opens an opportunity for you to overcome your medical debt by negotiating a settlement – one which works out in your favor.

This approach can either help to reconfigure the payment terms, the balance due, or both.  In addition, there is no reason why you shouldn’t try to bargain with your providers as this is what they do with insurance companies all the time.  As such, you want to use this as a chance to level the playing field.

Remember, this is not about simply rejigging the terms of what is owed, but it about making sure that recovery does not put you into a financial black hole – one from which you might never escape.

However, even if you can work out a plan with the medical providers, you want to make sure that you will be able to stick to this plan.  This can be difficult but it is necessary if you hope to gain the maximum benefit from any deal struck with your healthcare provider.

Take it in Baby Steps

Given the exorbitant cost of medical treatment in the U.S., you’ll want to remember that getting out of medical-related debt is not something that will happen overnight.  Instead, you want to take it in baby steps.

Start with those bills which are due or past due and then work your way backward.  Don’t look at this as a chore, instead, it is an opportunity to get organized as this is the only way you can get out from under the high cost of healthcare.

From there you will want to make a plan and stick to it, not only will this make it easier to manage but doing so will also give you a sense of accomplishment as you start to reduce your balances.

As most of us already know, medical expenses in the U.S. can be crushing – even for those with insurance.  This means that getting sick is not only bad for your health but also bad for your finances.  Given this, you’ll want to make sure that you stay on top of your medical bills, know your insurance policy, play let’s make a deal when needed, and finally don’t try to bite everything off in one go.

Are you ready to overcome medical debt?

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