Even though Obamacare has substantially increased the number of Americans who have health insurance coverage across the country, the United States still lacks the sort of universal health care coverage that its neighbor to the north, Canada, has. So if there’s a health problem in your family, you could find yourself knee deep or eyeball deep in debt because of high medical bills.
If you’re struggling to pay for your family medical bills and need help doing so, read on for a look at some avenues you should consider to get the assistance you need.
Request Discount
You might find it surprised to discover that there’s a chance to reduce medical bills. The underlying rationale is practicality. Numerous healthcare providers allocate significant resources to locate individuals who resist paying their medical bills. Therefore, they might be inclined to negotiate if they encounter someone who, although unable to cover the entire cost, is open to reaching an agreement for a reduced amount. This doesn’t guarantee acceptance of your request, but it’s a strategy worth attempting.
Monthly Payment Arrangement
If you’re unable to pay off your family medical debt in one transaction, you may be able to sign on for a payment plan. Pursuant to such an agreement, you will only have to pay back a certain amount per month until the debt is fully paid back. Depending on your medical provider, you may qualify for a no-interest deal, which means that each payment will chop down the principal.
Medicaid
Depending on your socio-economic status, you might be able to get financial help from Medicaid. Medicaid is a government program that helps individuals and families of lower economic levels to pay their medical bills. Because Medicaid is administered by the federal government and the state governments, the conditions for access will depend on the state you live in. The good news is that people who have relatively high incomes may be able to qualify if they have especially high medical bills that they can’t afford.
Healthcare Facility Financial Aid
Many hospitals offer programs to help families pay their medical bills. Gaining access to these charity care programs will depend on your family income and the amount of savings you have.
Healthcare Sharing Programs
Health share programs is an alternative to traditional health insurance for many individuals and families. It offers financial support to those who wish to keep their medical expenses less by sharing the cost of each other’s healthcare. The way Annual Open Enrollment Health Share Programs work is members help each other by sharing in the cost associated with eligible medical expenses. Interested individuals also need to maintain a healthy lifestyle and recognize that they can be part of a group of people of faith who are like-minded.
Children’s Health Insurance Programs
The Children’s Health Insurance Program (CHIP) is administered by the federal government and the state governments, and it offers minimal-cost health care coverage to kids whose families have incomes that exceed the threshold for Medicaid coverage. Depending on the state you live in, CHIP might cover pregnant women. The specific rules for CHIP coverage will depend on the state you reside in, so it’s important that you find out what the rules are in your state.
Loan
Another option would be to apply for a loan. There are many sources for loans, so you’ll want to consider your options as well as pay close attention to the payback terms. You can get a private loan from a family member or acquaintance, a loan from a financial services entity like a bank, a Home Equity Line of Credit, or something else.
It can be frustrating and discouraging to receive family medical bills that you can’t afford. But fortunately there are options to help you in such situations. While you might not qualify for all of them, try as many of the options as you can to see which ones work best for your situation.
