Ways to deal with medical bills & medical debt
We’ve all gotten sick and had to go to the doctor’s office, or gotten hurt and needed medical care. Sometimes, we get hurt badly enough that we require major surgery, or ill enough to require a very long course of treatment. In these cases, the necessary medical treatment can be terribly expensive, more than most people can easily pay. Thankfully, there are some good financing options for medical expenses.
Using a credit card, if it has a high enough limit, is an option for financing many expensive things, including medical bills. There are even specific medical credit cards you can get that are used specifically for medical costs. These cards have many different interest rates, meaning you might be able to find one that would be cheaper to use in the long run.
Medical professionals are aware of just how much their services cost and how necessary they can be. This is why many doctor’s offices and other points of service offer their patients payment plans. The details of these plans vary from place to place, but often there is a specific person (a billing or financial counselor) employed by the office that can help you.
One option people take frequent advantage of when hit with a large medical bill is taking out a medical loan. These are usually relatively easy to get and the money can only be used for medical costs. The most important thing to look at when choosing a medical loan lender is the interest rate on the loan, lower is definitely better!
Health Savings Accounts
A Health Savings Account (HSA) can be prohibitively expensive for some people, but if you can afford to have one, it can save you a lot of money when you need to finance medical costs. HSAs come with many different options, so be sure to carefully consult with a professional when setting one up.
Rather than paying a larger amount over a long period of time, consider paying your entire medical bill as soon as you possibly. Many medical offices will give patients a “prompt-pay” discount on their bill if they can pay it all off quickly, which may save you a great deal of money.