One of the worst things that can happen to a person is having to go to the hospital or undergo some type of emergency medical treatment that they weren’t anticipating. Not only does this mean that you have something wrong with your health, but then you’re also saddled with large medical bills that are completely sprung on you. While you might be able to save up for other big expenses, medical expenses generally come without warning. So when you get that bill, what are your options? To help with this, here are three tips for paying off any large medical bills you might have.
Try To Negotiate
After you’ve been given your medical bills and have ensured that you’ve been accurately charged, the first thing you should try to do is negotiate. According to Connie Prater, a contributor to CreditCards.com, everything on your medical bill can be negotiable. With this in mind, call the billing department and see if there’s anywhere on the bill where you can get prices knocked down. You might be able to save some money by paying it in full, if you’re able, or by simply pleading your case that you can’t afford to pay the entire amount of the bill.
Don’t Put It On Your Credit Cards
Once you have the final amount that you’re going to have to pay, it’s now time to find a way to actually get it all paid off. You might just want to get this bill out of the way by putting your payments on your credit card. However, Patty Lamberti, a contributor to Money Under 30, shares that this is the last thing you should do. Credit cards generally have much higher interest rates and will affect your credit more harshly if you have an unpaid balance due. Because of this, you should never transfer any medical bills over to your credit card.
Set Up A Payment Plan
For many people, the best option when you get a medical bill is to set up a payment plan. According to Sean Pyles, a contributor to Nerdwallet.com, most payment plans will simply break down your total bill into a few month’s worth of payments so that you don’t have to pay everything at once. Depending on the bill amount and what you’re able to afford, payment plans can be months or even years. Just make sure you double check about any fees or interest you’ll be charged if you go this route. If you can pay it off quickly, you might be able to get your payment plan set up as interest-free, which is ideal.
If you need emergency help for an injury and now have a huge medical bill to pay off, consider using the tips mentioned above to help you get out from under this debt.
