The Impacts of Medical Debt

Overwhelming medical expenses can feel as “life-threatening” as an illness or unexpected injury. They can upend your lifestyle, deplete financial and physical assets, and disrupt future goals. Unpaid medical bills can have dire consequences.

In order to maintain financial health and stability when faced with mounting medical bills, you should understand available options. Then formulate a plan and take action.

The truth is that few, if any, of us have total control over our health and well being. A medical emergency is seldom an event that can be planned for, or even foreseen. Even with adequate insurance coverage, there are situations in which medical debt mounts quickly and becomes unmanageable.

How to Pay Off Medical Debt

If you face the anguish of mounting bills in addition to the pain caused by a medical condition, you know that it affects every part of life. The question of how to pay off medical debt fast in order to move on becomes an overriding concern.

Medical bills can come from treatment for a personal illness, injury, long-term care for a chronic condition suffered by a spouse or child, senior care for parents or aging family members, or even the high cost of elective surgery or prescription drugs.

Ways to Deal With Medical Bills

One quarter of Americans under the age of 65 will face burdensome medical debt, according to U.S. government statistics. Although it may be impossible to anticipate the amount of that debt, every family should be aware of strategies to help mitigate mounting medical bills.

These guidelines include:

Signing a payment plan in advance

Negotiating with doctors and clinics to reduce charges

Taking out a personal loan

Borrowing against home equity

Dipping into savings or a retirement plan

Selling your house for cash

Protect Assets, Credit and Your Financial Future

The mental anguish and physical hardships faced by individuals with medical debt are staggering. But there are also some effective ways to deal with that debt.

There are no easy answers about how to pay off medical debt fast, but fast action is always recommended by financial advisers. Doing nothing, or delaying a response to overdue bills not only increases the cost, but may threaten your livelihood and lifestyle.

Consider Your Home and Your future

If you are a homeowner, you may also be concerned about whether medical debt can lead to bankruptcy or force foreclosure on your home. Although, it is rare that you will lose your home directly because of unpaid medical bills, the answers vary from one state to another. There are no simple solutions.

What is important to remember is that a home may represent your largest single asset, and can sometimes be the best tool you have for digging out from under medical debt.

If your goal is to assure a more stable future and end the burden of medical debt, a cash offer from Home Go for your house could be a very welcome solution.

Schedule a no-obligation home tour, or talk to a HomeGo agent today.

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