What To Do About Medical Debt
More and more people in Alabama are finding themselves faced with crippling medical debt. Even with a good insurance policy, you may find that you have debt that you are struggling to pay. This is why it is so important that you learn how to tackle it.
How To Deal With Medical Debt
We hope to help you with that problem right here.
Don't Ignore The Debt
Firstly, and this is incredibly important, you should never ignore any debt. Ignoring it will cause a couple of things to happen.
For starters, that debt is just going to get larger. It won't disappear. It will just keep gathering interest and your debt is only going to get harder to deal with.
Secondly, your credit score is going to take a huge hit because of your medical debt. You may struggle for approval due to it, but paying it off will start to assuage this dip in score.
Do Not Prioritize Your Medical Bills
We know that this is something that is going to go a little bit against what we are saying on this page. However, medical bills are not your most important debt. If you have a mortgage, rent, or need to cover food costs, then do that first. A hit to your credit score is so much better than losing your home or having an inability to actually eat food.
Do try to ensure that you pay down some of your medical debt every single month, though.
Double-Check That You Owe Cash
Medical bills are notorious for being wrong. If you have received a bill, then go through every item on that list with a fine-toothed comb. If you do not recognize a charge, then query it. If something seems to have been calculated wrong, then query it.
Negotiate A Discount
Not a lot of people know this, but chances are that what is on your bill isn't what you have to pay. A lot of medical establishments 'overcharge' for their services, although we are positive that you knew this already.
Therefore, it may be worth reaching out to the biller and negotiating a way to reduce the costs of your bill. Most of these companies would rather get paid something than not be paid at all.
A lot of residents in Alabama have been able to shave a good amount of cash off their debt. Even if you are only able to get a couple of hundred dollars taken off, it is still more than worth it. It is just a quick chat on the phone.
Negotiate A Payment Plan
You don't have to pay your medical debt in one go. Once again, these companies would prefer to get paid something slowly rather than receive no payment.
Ask the lender if you can split your payment up into equal monthly amounts. Do bear in mind that you absolutely do need to keep up with the repayments on your payment plan. Any missed payments are going to hit your credit score a whole lot more than just having the bill sitting around and not doing anything.
Ask Friends, Family For Assistance
If you have a medical bill payment due right now, then ask your friends and family if they can help you out. They may be able to loan you the cash to get that bill sorted. Once again, we do have to remind you that any missed payments are going to impact you in a negative way, so get as much help as you can.
Need Cash Right Away? A Payday Loan May Be An Option
If you have a medical debt with a pressing deadline and you can't find another way to get the cash, then you may find that a payday loan in Alabama is an option. With Alabama Title Loans, Inc., you may be able to borrow between $100 and $500.
We are able to consider those with bad or no credit for our payday loans. You will need to have an income, a recent bank statement and paystub, a blank check, and provide us with your ID and a social security card.
Our loan process is quick. The process can be started online, with only the final part of the process requiring you to meet us in person at one of our many Alabama Title Loans, Inc. locations. From inquiry to the loan agreement, the process can take as little as 30-minutes. Cash will often be available in your bank account within a few hours.
Our process allows you to get those medical bills covered sooner rather than later.
You shouldn't ignore medical debt. In fact, you should be doing everything in your power to reduce it as much as possible. This means querying the bill, negotiating a discount, and even setting up a payment plan. Sadly, you will have to pay something, though. If you have a pressing medical bill, then a payday loan could be an option. You may be able to borrow up to $500 today with Alabama Title Loans, Inc. Fill in the inquiry form to find out more.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.