Are you struggling with huge hospital bills because of a recent medical procedure that you have to undergo? And are you looking for tips that can help you manage your financial obligations with a medical facility? If you answer yes to these two questions, then we encourage you to pay close attention to the remainder of this article. Below we have listed practical suggestions that you can employ in dealing with huge medical bills.
Four Tips for Consumers
1. Do not ignore your bills. Never ignore the billing statements you receive from hospitals. Always remember that most medical facilities nowadays try their best to collect from their patients for a few months, before they sell the credit accounts to debt collection firms. And since it won't be good for you to have collection records in your credit report, you have to acknowledge the receipt of your medical bills. Contact the medical institution, and inform its finance department that indeed you have received your bill and that you are willing to honor your debt.
2. Take a close look at your insurance plan. Before you contact your creditor and set up payment arrangements, you have to consider first the terms and coverage of your insurance plan. See to it that you understand the important stipulations of your insurance policy so that you can gauge how much money will be shouldered by the insurance provider and how much cash you need to pull out from your own pocket.
After doing so, you may need to prepare the documents that will be used by the insurance company in processing your claim. Make sure that everything is in order before you contact the customer service representative of the insurance firm, so that there won't be any delays in processing your claim.
3. Contact your creditor and set up payment arrangements. After determining the exact amount that you have to take directly from your own pocket, what you need to do next is contact the medical facility and set up payment arrangements. You may need to negotiate with the head of the finance department of the hospital, in case you decide to pay your financial obligations over a period of one to two years. This way, the terms and interest rate that will be imposed on your credit account will be most suitable to your needs as well as to your financial capability.
4. Sign up for bad credit repair services. Another thing that can help you deal with huge medical bills is a credit repair program. By signing up for a credit counseling session with a certified financial adviser, you can discover an effective yet affordable credit management program that you can use to gradually pay down your medical bills. And that's not all. A bad credit repair program can also open your eyes to practical ways on how you should manage your personal finances, so that you won't fall into new debt traps.
So, take advantage of bad credit repair services and we guarantee that soon you can completely repay your credit obligations with a medical facility.
About the Author
Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of http://www.newhorizon.org such as their continuous effort in giving out Free Credit Repair and Building Ebook.