Did you know that Americans spend around $5,000 per year on out-of-pocket medical expenses? If you were recently in a car accident and now have outrageous medical expenses because of it but are not sure how to pay down those expenses, you are in the right place.
Keep reading to learn a few options you have to pay instead of ignoring those bills.
1. Work Out a Payment Plan
If you have a large hospital bill, one of the options you have is to speak to their finances department. It does not hurt to ask them if they can offer you a payment plan without having to pay interest. Some people do not realize that this is an option and usually it is written in the fine print on the statement you receive.
Sometimes you can even negotiate the amount that you have to pay every month. If the amount they give you is too high then do not be afraid to ask them to lower it.
2. Financial Assistance
Another option is to ask for financial help if you truly can’t pay your medical bills. Every hospital offers some type of assistance but they each have their own procedure. With some hospitals, they will make you apply for Medicaid which you can do online through a site like MedicareWire.
If they reject you then you can move forward with applying for help from the hospital. Other hospitals have a process that does not involve applying for Medicaid first but they still have a ton of paperwork that you have to complete and submit the required documents such as tax returns.
Once they review everything they will determine what type of discount you can receive.
3. Loan Application
You also have the option of applying for a loan if need be. This should really be a last resort option because this option will require you to pay interest and if you default on the loan you will hurt your credit score.
A loan option is more than likely a better option than charging a credit card because typically with a credit card the interest rates are much higher. There are certain loan companies out there such as Credible that have a specific section for medical expenses. With this option, they will help you find the best interest rate for your situation.
Ready to Pay for Your Medical Expenses?
Now that you have our top tips on how to pay for your medical expenses even if they seem too high at the moment, you can pick and choose the best options for your situation. Make sure that whichever route you take, you get everything in writing to avoid dealing with collection agencies in the future.
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