Medical debt is extremely stressful and frustrating because it stems from a life or death situation where you’re forced to choose debt or poor health because of an accident or illness. And while a quick trip to the hospital can leave you with a huge bill, multiple trips or a chronic illness can lead to burdensome medical debt that you can’t afford to pay, especially if you don’t have comprehensive health insurance.
Unfortunately, medical debt is still treated like any other debt, meaning it can go to a collection agency, gets reported to the credit bureaus, and can lead to bankruptcy. Luckily, however, this also means that you can get debt relief for medical bills just like with any other type of debt, and this could be your saving grace.
Getting Started: The When and What of Medical Debt Relief
The sooner you look into debt relief for your medical bills the better, and ideally you want to get the ball rolling before your case gets handed over to a collection agency. There are two reasons for this: for one, having a debt go into collections can do long-term damage to your credit; second, collection agencies will be much less motivated to settle debts than the doctor or healthcare facility. Once you choose to seek debt relief, you’ll have a few options for programs that can help you with medical bills, including:
And while bankruptcy is a last resort, there are some situations where this is the best solution to debt problems. However, a credit analyst can walk you through the options and help you determine which is the best course for dealing with your medical debts.
How Does It Work?
A debt relief program begins with an assessment of your debt and your financial situation. After that, the professional debt relief firm will examine your bills for billing errors and overcharges, negotiate on your behalf, handle paperwork, and come up with a manageable and personalized debt relief program that will allow you to get your debt under control.
Benefits of a Debt Relief Program
Debt relief for unpaid medical bills can prevent you from defaulting on your bills, and this, in turn, can prevent a world of financial trouble. When a medical bill is defaulted on, the doctor, hospital, or healthcare facility could send the bill to a collection agency, or could to sue you to recoup the money.
Without the help of an experienced debt relief firm, your initial instinct may be bankruptcy, but this will affect your finances, your credit, and your life for years to come, and it may be an extreme and unnecessary measure. A debt relief firm can examine your situation and explain to you the best options, and the right debt relief program will get creditors off your back without you having to lose everything.
Unpaid medical bills and medical debt are a source of stress for millions of Americans, but there is hope. There are debt relief options available to you that can settle, consolidate, or otherwise reduce your medical debts, leaving you with more money in your pockets, more peace of mind, and more time and energy to focus on your health and your family.