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Five Ways To Get Out Of Medical Debt


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Are you struggling with your finances and looking down the cold barrel of bankruptcy?
Are you in debt up to your eyeballs and struggling to make ends meet?
Go Here To See How You Can Lower Your Monthly Payments Up To 60%

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Five Ways To Get Out Of Medical Debt

  1. 1. ==== ====Are You Struggling To Make Your Monthly Payments? Go Here To See How You Can LowerYour Payments Up To 60% ! ====If you have incurred medical debt and you are having trouble paying or you cannot pay your debts,you have several options. A person not paying their medical debts is a common everydayoccurrence and you can be assured that there are many options. Knowing your options canprevent you from becoming one of many people who fall victims of pushy debt collectors caneasily pressure people into making payments that they cannot afford. Below are 5 commonmethods for settling medical debt. Your unique situation will determine which method orcombination of methods you should use.Medical Debt Consolidation using the equity of your homeIf you have own a home and have owned it for several years, it is likely that you have built upsome home equity. Equity is the market value of the home, less the unpaid principal owed on themortgage. This difference can be used to borrow money. The great thing about using home equityis that the rate that you can borrow money is typically far less than you can borrow anywhere else.The only problem with this is that it does increase your monthly mortgage payments (unless yourefinance to a lower interest rate that offsets the increase in principal) and if you default on yourpayments, you can lose your home as a result.Medical Debt NegotiationIf you are underinsured and you cant pay the care you need or needed, the best place to start isby simply asking the doctor for a reduced price. It is a fact that doctors charge insurancecompanies substantially less than they charge uninsured patients. This is because the insurancecompanies will negotiate a lower rate and this also proves that the doctors will work for less if theyare asked or properly negotiated with. More and more people are beginning to ask for lower pricesand out of those people who did try to negotiate, 50% of them did receive a lower price. It isimportant to speak with the right person and to be polite but persistent. Sometimes if you ask oneperson, they may brush it off by saying now they cant do that, but they just arent aware that it is intheir policy to actually accept lower payment. If you think about it, they would much rather haveyou pay less than not pay at all. Be persistent and speak with the right people and it will be verylikely you can get a reduced rate.Transfer to Credit CardsTransferring medical debt to credit cards is a very convenient option to just about everyone inmedical debt. It may seem like a good idea because it will allow you to pay off the debt over timein monthly payments. This can be a good option if pay it off as soon as you can and you do not letthe interest add up. Interest payments can easily add up to be a large portion of the total paymentsmade. Also, if you plan on applying for Medicaid, transferring medical debt to a credit card willreduce your chances of receiving Medicaid because once the balance is transferred, it is notlonger considered medical debt.
  2. 2. Credit CounselingCredit counseling companies can be a great choice if you are having trouble managing yourfinances. Most of these companies are non-profit companies and are great at advising you on yourmoney and debts, helping you develop a budget, and will likely offer you free education materials.If you contact one of these companies you can expect their counselors to be certified and trainedin consumer credit, debt management and budgeting.BankruptcyNearly 50% of personal bankruptcies are a cause of medical debts. Many people see this to be theeasiest way out from medical debts. Bankruptcy can stop collections calls and give you somewhatof a fresh start. If you have been having trouble with finances before the medical bills arose or yousee will have continued medical treatments, bankruptcy may only be a temporary fix and you canbe back at the same place you were before. If this seems like your case, it is much better to goafter the root of the problem instead of bankruptcy. Before considering bankruptcy, it is HIGHLYsuggested that you exhaust the previous four options given in this article.These previous 5 methods can be used to settle just about any medical debts. Understand yourunique financial situation to figure out which method is best. Combining different methods can beextremely useful as well. If you are not comfortable handling these problems on your own, thereare many professionals out there that are willing to help.If you need help with your Medical Debt we can help by giving you a free, no obligationconsultation to give you your best options in settling your medical debt based on your uniquefinancial situation.Article Source: ====Are You Struggling To Make Your Monthly Payments? Go Here To See How You Can LowerYour Payments Up To 60% ! ====