According to bankruptcy statistics, medical debt is one of the leading causes, the only cause that is greater is people going bankrupt from loss of income after losing a job. Don't be a statistic and file for bankruptcy if you are plagued with medical debt! . Most people don’t realize that there are many ways to solve medical debt other than bankruptcy. All options should be exhausted before filing for bankruptcy. Below is some advice which can help you resolve your medical debt instead of filing for bankruptcy.
Don’t be pressured into moving medical debt balances to credit cards
Try not to move medical debt to a credit card, try not to be pressuring into doing it. Moving the medical debt to a credit card is not a wise decision because most likely the interest rate on the balance will be much greater than if you carried the debt with the medical provider. Moreover, usually the interest rate is lower on medical bills versus a credit card. In addition, if you move the medical debt balance to a credit card you will most likely significantly reduce your likelihoodof getting approved Medicaid. Medicaid eligibility is largely determined by your gross income. For that reason, any medical debt you have lowers your gross income whereas any credit card debt you have will not lower your gross income.
Be diligent about making payments ontime
Second, be proactive with your medical bills. Missed payments will just create additional penalties and interest to add to the total amount owed
Understand that negotiation of medical debt is very effective, worth a try
If you are unable to make payments call the hospital or doctor's office you have medical bills and try to negotiate a payment plan that fits your budget. Know that they would much rather settle for less than have you go bankrupt and not receive any money at all. If you can’t do this one your own, consider a medical bill negotiation company or a debt settlement company. Using one of these types of companies can greatly ease your ability to pay whether it is a lower bill amount or a manageable monthly payment.
Consider charity organizations for aid
Many charity organizations may help resolve medical debt. Most organizations are more willing to help those that are extremely in need and have exhausted all other options.
Apply for Medicaid
Try applying for Medicaid. Medicaid is a dual sponsored program by federal and state funding. All 50 stats offer Medicaid, but since it is a state sponsored program the requirements for each state vary. Research your state’s requirements for Medicaid and see if it would be worth you applying. Depending on which state you are in, past outstanding bills can be covered fully or partially covered.
Source: http://www.ArticlePros.com/author.php?Charlie Jones Jr.
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