Trying to understand an invoice from your doctor or specialist can be frustrating because medical...
June 14, 2023
Medical debt can be a heavy burden, and it is unfortunately very common in the United States. Many Americans report difficulties paying their medical bills. This can lead to financial stress and even bankruptcy. Learning how to handle medical debt when you're working on paying your bills or before a costly procedure can improve your financial security in the future.
FinPay offers financial tools for people with medical debt or who need costly treatment. With financial education tools, automated installment plans, and consumer medical loans, we can help you access the care you need while minimizing stress. Learn more about FinPay for patients by emailing info@finpay.com.
Why Is Medical Debt Such a Problem?
Medical debt is one of the most significant factors in personal bankruptcy in the United States. It affects people from all income levels and can be caused by a variety of different factors, including:
- High costs for medical care – Unexpected or ongoing medical expenses can quickly add up to a large amount that many people are unable to pay off on their own.
- Lack of insurance coverage – Insurance often does not cover the total cost of medical services, resulting in large out-of-pocket expenses for those without adequate coverage.
- Inaccurate billing and costly mistakes – Mistakes in medical bills can lead to a patient being charged more than they actually owe, resulting in unnecessary debt.
If you are facing medical debt or expecting to incur debt as a result of medical treatment, it's important to remember that your health is still important. Avoiding treatment because of financial concerns can be dangerous—there are ways to manage medical debt and still receive the care you need.
How to Deal with Medical Debt
Learning how to handle medical debt is a skill many people only learn once they are in the grips of seemingly inescapable debt. Hope is not lost, though. Here are some tips on dealing with medical debt.
Negotiate with Providers
One of the first steps you can take is to negotiate with your medical providers. Many providers are willing to work with patients to make arrangements for payment. This may involve setting up a payment plan or negotiating a discount for paying in full. It is important to communicate with your providers as soon as possible if you are facing financial difficulties.
Enroll in a Payment Plan
Some hospitals and medical providers offer payment plans that allow you to make monthly payments over a period of time. This can help you manage your expenses and prevent your medical debt from going to collections. Be sure to ask about any interest or fees associated with the payment plan.
Apply for Financial Assistance
Many hospitals and medical providers offer financial assistance programs for low-income patients or those who are uninsured. These programs may cover some or all of your medical bills, depending on your income and other factors. It is important to inquire about these programs as soon as possible.
FinPay Offers Help for Dealing with Medical Debt
FinPay’s financial literacy tools, patient engagement and automated installment payment plans that can help you access the care you need while minimizing financial stress. We understand that medical debt can be overwhelming, so we work hard to provide education and tools to help people learn how to handle medical debt while still receiving the care they need.
Email info@finpay.com for more information.
