Tips for Dealing with Medical Debt
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.
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