Solutions for Medical Expenses You Can't Afford
If you have a chronic medical condition or face a sudden and unexpected medical emergency, you can rack up sizeable medical debt pretty quickly. When this happens, it’s easy to feel overwhelmed and not even know where to begin to deal with it.
Luckily, there are solutions for medical debt. Below, we have some steps you can take to help get yourself on the right side of your medical debt again before it gets worse or you’re faced with collections.
Know Your Insurance Policy
Mistakes happen, and your insurance coverage is certainly not exempt from this. When you receive a bill for any medical procedures or treatments, it’s important to have a good understanding of your insurance policy and what it covers. The first thing you should do when you receive a new medical bill is to review your insurance plan. Take note of the following:
- If you have an applicable deductible, has that been met?
- If you have a personal or family cost maximum, has that been met?
- Is the service you’re being billed for listed as being covered under your plan?
- What is the amount your insurance states they will cover for the service in question? Is it a percentage or a set dollar amount?
If you find that you’ve been billed in error, or that the amount billed appears to be incorrect, don’t hesitate to contact your insurance company promptly. Medical billing can be confusing, even for insurers, but what’s important is that you open up the lines of communication and point out a problem you think may be present.
Advocate for Yourself to Billing
When it comes to medical billing it’s extra-important to advocate for yourself. Don’t allow yourself to be incorrectly billed or ignore charges when they seem overwhelming or you don’t understand them. Be proactive and question everything - it can lead to thousands of dollars in savings, especially if something is being incorrectly billed.
If you’re finding the situation too complex and would like someone to help you navigate the system, you can also hire a patient advocate. It may cost you a little money up front, or a percentage of what they save you, but when you’re dealing with a large amount of medical debt having someone helping you who understands medical billing is priceless. Contact the National Association of Healthcare Advocacy for more information.
Ask for a Settlement
If you have some cash available that you can use towards settling your medical debt, but can’t afford to pay it all, contact your insurance company or the medical provider and ask for a settlement offer. Your provider will probably be more willing than you expect to settle the amount you owe for less, and it doesn’t hurt to ask.
Ask for a Payment Plan
If you can’t afford to pay your medical debt, communication with the provider or insurance is key. Most providers and insurance companies will be willing to work out a payment plan with you that you can afford; after all, the ulterior is them not receiving any payment at all. When you set up a payment plan, make sure you can reasonably afford it and prioritize the repayments in your budget in order to avoid late fees or being sent to collections.
Debt Forgiveness
There are times when paying any portion of your medical debt at present isn’t feasible. This can especially apply in the case of ongoing medical treatments for things like cancer, or if the medical condition has placed you out of work. Sometimes you can get your medical debt forgiven or obtain assistance with it through certain groups such as CancerCare or the PAN Foundation. There are even government grants that can assist you in eliminating your medical debt.
