What Are the Best Options for Paying Off Large Medical Bills?

Updated on August 16, 2019
What Are the Best Options for Paying Off Large Medical Bills copy
Cropped photo of secretary hands accounting advisor employee employer employment entrepreneur lady in her formalwear shirt she sit behind desk in light loft interior check cost tax

Having serious health problems is never fun in the first place. Then, when you have to factor in the cost of medical services, things can start to be disheartening. 

If you’ve built up a high amount of medical bills and feel overwhelmed, don’t worry. You’ve come to the right place by reading this article. 

After all, the cost of medical care is no small matter. Consider the fact that medical debt is the top reason why people declare bankruptcy throughout the United States. In fact, two-thirds of all bankruptcies in the country are a result of going into debt over medical bills. 

Still, there’s no need for you to give up home yet. There are steps you can take to pay off those medical bills before they cripple your financial situation. It’ll be up to you, though, to put in the time and effort to tackle this worthwhile challenge. 

Verify Your Bills and Statements

Before you even start your payments, though, verify that everything you read is true. After communication with health insurance companies, medical care providers often make mistakes when it comes to how much you owe. 

That’s why you need to call your insurance provider sooner rather than later. Chances are that you might get to dispute certain costs if you find that they’re, in fact, covered under your policy. It’s your responsibility, though, to double-check those statements before paying them off. 

On top of that, check whether you can negotiate a payment plan for these bills. It’s common for hospitals to allow for these plans in case of financial hardship. Remember, though, there can be consequences if you don’t end up sticking to that payment plan in the long run. 

Start By Getting in the Right Mindset

As mentioned above, it’s common to feel overwhelmed when it comes to medical bills. It’s an unfortunate truth that too many families within the United States are going through a similar situation. After all, you and your family deserve to live a life free of health concerns and a pile of debt. 

When you start to consider your financial options, take a deep breath. You need to recognize that you’ve got this. It’s true that tackling the payment of those medical bills can be difficult.

Still, if you’re dedicated and positive about it, you can pay them all off before you know it. Start by getting organized and setting goals for yourself. Have a reasonable date in mind to have them entirely paid off, and don’t waver.

It’s a good idea to evaluate your monthly budget from the beginning. What expenses do you absolutely need to pay every month? What does your income look like?

Don’t be afraid to cut out certain luxuries like digital streaming services. You can handle a year os so without Netflix, Hulu, or Spotify, can’t you? After all, it’s worthwhile if it means you can pay off those medical bills as soon as possible. 

Direct all of your focus and energy to reach that goal. That way, soon enough, you’ll be free of medical debt and can go about your life. 

Take Out a Small Loan If You Need To

Of course, not everyone has the means to pay off medical bills right off the bat. That’s why looking into possible personal loans can be so helpful. 

Remember, though, that taking out loans will affect your credit score. This can be a good thing, though. 

Instead of dipping into a large chunk of your savings, pay off medical bills a little bit at a time each month. A loan will also help you boost your credit if you continue to pay the monthly statements on time. That way, you can relieve some of your stress when it comes to owing a hospital or a doctor’s office significant money. 

Don’t Be Afraid To Ask Friends and Family Members for Assistance

It’s okay to ask for some assistance, by the way. Your loved ones care about you and your family’s health statuses, after all. In other words, they can be a great resource when it comes to avoiding serious debt over medical bills. 

Be willing to ask for their help, but don’t be pushy. You can still find a way to handle these bills on your own if you take the time to research and plan. Still, a helping hand never hurt anyone!

Hire a Lawyer to Fight for Your Legal Rights

Of course, it’s possible that you don’t have to pay off your medical bills in the first place. This can be the case when the health issue was as a result of medical malpractice.

For example, if your child is born with brachial plexus injuries, you might be qualified to dispute your medical bills. It’s up to you, though, to do the research and hire someone you can trust to handle your legal battle. Don’t underestimate how crucial it is to know your rights and fight for them. 

Stay Educated About Today’s Healthcare System

At this point in the article, you should have a pretty good idea of how to pay off your medical bills sooner rather than later. You know how important it is to take care of these bills fast. You don’t want to have to file bankruptcy like many other American families, after all. 

There’s no need to despair if you’re willing to consider other financial options. It’s possible to handle these medical bills in a way that doesn’t threaten your financial security. All it takes is some time and dedication on your part. 

It’s understandable if you still feel as though you’re in over your head with these medical bills. Remember, you’re not alone. There are a lot of difficult ins and outs to navigate when it comes to the healthcare industry. 

That’s why it’s important to take advantage of any resources available to you. You deserve the peace of mind that comes from knowing your financial situation isn’t at risk. 

To safeguard your financial and healthcare situation, keep yourself informed. That’s where we come into play. We’ll bring you the latest trends in the healthcare industry, and we encourage you to browse through the rest of our website. 

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.