Medical debt can seem overwhelming, especially when you’re dealing with trouble with your health. You may not be able to work as much as you’d like or be suffering from a disability that has reduced your ability to maintain a regular income.
When you receive a bill for thousands of dollars, it’s hard to imagine ever being able to pay it back. Fortunately, there are ways to reduce what you owe.
1. Negotiate, negotiate, negotiate
One of the best things you can do is negotiate down the amount you owe. Check into the cost of your medical procedure with other providers. Then, once you have information in hand, ask your current provider to discount your rate to match their competitors.
2. Set up a payment plan
Most doctors’ offices have payment plans that they offer if you owe a large sum. Sign up with a monthly payment you can afford. When you can pay more, do so, and when you’re unable to pay more, do your best to pay the minimum and continue reducing what you owe.
3. Consider bankruptcy
Finally, consider bankruptcy. Bankruptcy isn’t the perfect solution, and it can end up causing you some trouble obtaining credit or buying a home. If you choose bankruptcy, it’s best to exhaust your other options first, so that you can be sure that it’s the right choice. Bankruptcy will typically eliminate your medical debts, leaving you on better financial footing.
These are three tips to reduce or eliminate what you owe in medical debt. The right choice can help relieve your financial stresses.
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