According to a recent study by The Commonwealth Fund, 41 percent of working-age citizens in the US have problems paying their medical bills. This amounts to 72 million people. There is also an additional 7 percent of senior citizens who are struggling with medical debts.
Similarly, US citizens under the age of 65 still struggle with medical debts. A larger number still fail to access medical care due to lack of finances. However, there are different creative ways you can use to avoid having your medical bill spinning out of control.
It is with no doubt that medical bills can be overwhelming to pay off. But they don’t have to be. Read this guide to learn creative ways to pay off your medical debt.
5 Creative and Effective ways to Finance Medical Bills
If you are worried about getting help with medical bills, you are not alone. You can manage your debt by
1. Using Your Medical Credit Card
Today, many hospitals and healthcare providers accept medical credit cards. You can apply for one in your most preferred facility. There are also plenty of online options.
Check which ones you are eligible for. Medical cards can be used for different services and procedures.
It is wise to go for interest-free cards. However, ensure you can make payments within the interest-free timeframe.
2. Speak to Your Billing Experts About Your Payment Plans
You can talk to your financial expert and billing representative on available payment plans. Find a solution that suits your needs.
You will get a wealth of information on how different payment options and settle for a plan that allows for flexible payments. Negotiate your payments and get the best rate available.
3. Prompt Pay Discounts
You can use prompt pay discounts to get help with your medical bill. There are medical facilities that give you a discount if you make full payments within a given period of time. Therefore, if you have large bills, inquire about your discount options.
4. Medical Debt Reconciliation
You can also take advantage of medical debt reconciliation and medical loans. However, take note of the interest rates that you will be required to pay in the end.
Some plans have higher interest rates while others have a lower rate. Avoid plans that go beyond 30percent rates.
You can always use the anz mortgage calculator to work out the numbers before you apply for a loan. It will help you to settle for a loan that suits your financial needs.
5. Health Savings Accounts
Saving money with health savings accounts comes with tax benefits. You need to learn about your medical payment options and how an HSA works. Evaluate the benefit of each HSA provider including Bank of America, Alliant Credit Union, and BenefitWallet among others.
You also need to determine whether you will use your HSA account for savings towards your medical payment or you will use it primarily for spending.
Utilize Available Resources to Make Informed Choices on Medical Bills
When you or a loved one is sick, settling medical bills can be an extremely overwhelming task. It is draining. It is therefore essential that you use available resources, arm yourself with information, and get professional advice and financial help with medical billing and reduce the burden.
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