Millions of Americans struggle to pay their medical bills. It’s been estimated that 20 million Americans have accumulated $45 billion in medical debt. This averages $2,200 for each of these Americans and already a hefty amount, but this average debt varies widely if you consider that many medical treatments and procedures cost more than $2,000. So if you think you’re not the only one struggling to pay medical debts, but with enough ingenuity and control over your finances, you can pay these debts in no time.
Managing your finances can be a hectic thing to do, especially when medical bills are on the line. However, it is undoubtedly something you must do if you want to pay them on time. Here are some ways you can manage your finances to pay your current medical bill.
Check Your Medical Bills Twice with a Professional
Did you know that 80% of medical bills have some error within them? This may be one of the reasons why your medical bill is so high. Treatments, medications, and surgeries cost a ridiculous amount of money. If one of these things is billed wrongly, you could pay a considerable amount for something you didn’t have. So check your medical bill as many times as possible and consult a professional regarding this.
The next thing you should do once you’ve checked your medical bills is to negotiate with the ones responsible for your bills. Your doctors can lessen the fee they are asking for, and the hospital itself can offer you discounts if you are part of the low-socioeconomic bracket, as per the law. Some hospitals may also offer discounts for uninsured patients. Negotiate as much as you can, even if you can’t get much out of it. These people you negotiate with can give you ideas as to how you can pay your bills.
However, the most critical thing that you should negotiate for is to pay your bills through credit. Many hospitals and clinics are partners with banks, and you can ask these banks to pay for your bills with interest added. This will undoubtedly increase the cost of the bill, but it will give you a chance to manage your assets.
Take It One Day at a Time
The average household budget of an American household annually is $63,784. It is lower than the average income, which is $68,703. This budget already includes housing, transportation, utilities, and even medical bills. It’s been calculated that the average American household spends about $3,600 on healthcare, which is already much higher than the average medical debt stated earlier. But why are so many Americans are in debt due to medical bills? This is because they are not taking it one day at a time.
Managing your finances based on this average can help you pay your medical bills one day at a time. Make it a goal that you have $3,600 to pay for your medical bill every year. Make it an essential part of your routine to strictly abide by the average budget. Sooner or later, you’ll be able to pay for your medical debts and then some.
What You Can Do If You Can’t Pay
If your medical bill is still way too high for your income or your family’s income, it’s time to get some help. There are various ways you can pay for your medical bill with the support of a third party. Here are two ways you can do that.
You should consider refinancing your mortgage if you don’t think you can pay your medical bills on time. Many mortgage lending companies are willing to negotiate a feasible rate for you. Considering that mortgage rates are pretty low right now, making it one of the best times to refinance your mortgage. Depending on the negotiation, you can get a hefty sum that you can use to pay your medical bill or drastically reduce it. However, remember that if you refinance your mortgage, that means that it’ll take a considerable time before you can fully pay it. So weigh in your options and see whether if this choice is for you.
Medical Bill Advocates
One way you can get help to pay off your bills is by looking for medical bill advocates. These advocates can help you get a better look into your bills and see which you need to pay right now and which you can pay off later. Furthermore, these advocates can look for people who are willing to donate money for your bill. Some debt-relief companies can help you pay a percentage of your bill if you’re struggling. Contact them whenever you can.
Here are some ways you can manage your medical bills so you can pay them in time. Remember that given the size of your bill, it’s better to pay for it slowly than to pay the total amount. You can make a reasonable down payment right now to reduce the costs as well. There is no shame in getting outside help for your bills because you’re part of the millions who are struggling. Give these suggestions a try, and hopefully, they can aid you with your bills.