Tips for Dealing with Medical Debt

It’s an unfortunate fact of life: Mounting medical bills can disrupt even the best-prepared families. How to pay off medical debt fast is a skill that you might not feel the need to master, but no matter how well you plan for financial contingencies, the fact is that at some point in your life an unexpected medical situation may derail those plans.

Although more than 90 percent of Americans now have some form of medical insurance, a substantial number of families, estimated to be at least a quarter of those under the age of 65, will have trouble paying off medical debt at some point in their lives. As individuals grow older, even with Medicare and supplementary insurance or government assistance, the potential for mounting medical bills increases.

How to pay off medical debt is a growing concern for most families.

Here are some valuable tips for dealing with overwhelming medical bills, should they arise:

at least a quarter of those under the age of 65, will have trouble paying off medical debt at some point in their lives.

Even though getting well or speeding the recovery of a loved one is your first priority, the faster you confront the financial realities of mounting medical bills, the better your chance of dealing with the debt. Delaying action can be expensive, and as time passes it becomes more difficult to forge a workable solution.

Keep every printed document and every electronic communication that relates to your condition, your care, and your charges, no matter who they are from. Make notes of telephone conversations and personal meetings, and document every discussion or transaction with a physician, insurance representative, pharmacy, clinic or service provider. Update your files as necessary, and keep chronological records for the duration of the illness or treatment term.

Read and reread everything. Ask questions to gain a complete understanding. Never sign a document without thoroughly reviewing and accepting its provisions. Ask for clarification from everyone involved to assure that the information you receive is valid and verifiable.

Hold your health insurance provider responsible in every way possible. Keep your policy available and ask for a written explanation if payment is denied for a procedure for any reason. Never hesitate to question a billing from a physician or clinic. Go over every invoice with an eye for discrepancies, double billings, or erroneous charges.

Ask for explanations not only about the amounts billed but also for the billable procedures. Don’t rest until you are thoroughly satisfied with the answers. And don’t hesitate to dispute a charge that you find too expensive or in error.

Ask for financial relief if you believe you have been billed wrongly or billed for services you did not request or receive.

Just as it is beneficial to take charge of your wellness efforts, it is imperative that you take responsibility for your medical treatment and care, and for authorized insurance payment or reimbursement. Remember that it never hurts to ask. Learn how to identify proper charges as the first step toward paying off medical debt and preserving your financial future.

If, even with all of the prep and well-laid planning, you find yourself in a difficult situation, call HomeGo. We can make a no-obligation offer on your home and help you get out of medical debt.

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

Fill out the form, and we will be in touch shortly.


Check out more of our information on medical bills.

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…
Options for Dealing with Medical Debt
According to a study conducted several years ago, Americans with health insurance found rising out-of-pocket expenses caused increasing financial hardships. The impact continues to…
Protect Your Home from Medical Debt
Life is uncertain, and one of the financial worries for many Americans is the possibility of overwhelming medical bills. Even for families with basic insurance coverage…

Options for Paying Off Medical Bills
Of the Americans with health insurance, approximately 20 percent of those under 65 reported difficulty paying medical bills according to a survey conducted…