Medical bills can be expensive and paying them off might not be as simple as other types of debt. You might have a bit more negotiation room, but this type of debt can also be more confusing. The good news is you have several options to take care of your medical bills.
Taking Out a Personal Loan
One of the benefits of taking out a personal loan is that it lets you consolidate high medical expenses. And you can also use it to take care of your balance sooner. Taking out a personal loan from a private lender is ideal if you need to pay for either a planned or emergency procedure. Make sure you spend some time reading the fine print so you understand the terms, rates, and fees.
Working with an Advocate
If you have had emergency procedures, stayed in the hospital for a while, or have had another procedure done, you may have a large stack of bills and not know how to pay them off. You might consider working with a medical bill advocate, who can help lower the costs by negotiating for you. It’s a good idea to work with an advocate because they are experts in the industry. They know how bills work and how to read them. They’ll find errors so you do not get overcharged. Just ensure that any fees you spend on this service are lower than the amount of money you will save before you sign up.
Coming Up with a Plan
Even the fastest debt payoff strategies have an initial plan. Many healthcare providers offer payment plans for you to cover the bills on time. This is a common way to cover the costs of unexpectedly high expenses. You will have to be able to make the minimum payments, and this will depend on how much you owe, as well as what you have negotiated. It will usually take a few months to pay everything off. Just ensure you are not having to pay any type of fees or billing charges, as this could affect your ability to cover the costs.
Using Credit Cards
You may have the option of using a medical credit card, especially if your provider does not take payment plans. Using a medical credit card can help you cover specific services or procedures, and you can often apply for the card in the office. The first half to a full year might be interest-free, so see if you can take care of the balance by that time. If not, you might have a high-interest rate by the time the interest-free period has ended. Understand these costs to determine whether it is worth choosing this option.
You might also use a credit card with a 0 percent interest rate. This is helpful if you can’t do a payment plan at the facility. Of course, you will need to have good credit to be eligible. You still need to take care of the balance in full, or you might owe interest once the promotional period has ended. It’s important to dedicate the card to only medical costs.