Whether you have a rare disease or you suffered an injury and were hospitalized, paying off big medical bills can be nothing short of a nightmare. Even with medical insurance, you can find yourself facing a mountain of debt if you go to the hospital unexpectedly.
However, this doesn’t have to be your fate. Paying off your medical bills is possible even in a dire financial situation, as long as you’re willing to get a little creative. To help you, here are some ideas for paying off your medical bills as soon as possible.
Negotiate
One of the first things you can do is talk to your healthcare provider about whether they’re willing to negotiate. You’d be surprised to find how many hospitals and medical facilities are actually willing to work with their patients to reduce their overall bill.
This is especially true if you can show you are in fact experiencing financial hardship. It’s as simple as asking for an itemized bill, and looking at a break down of each cost. You may be able to argue that certain things listed on the bill were not actually carried out, which could save you a significant amount of money.
You also want to ask for any discounts should you pay in cash. Lastly, if they’re not willing to budge, you may want to ask for a payment plan, which in most cases people are willing to accept, as this it’s still a commitment to pay, however you’re given a longer amount of time to pay it off in installments.
Apply For Financial Assistance
There are many different financial assistance programs out there that are designed specifically for patients who aren’t able to pay their medical bills. Sometimes they’re offered by nonprofit organizations, or even government agencies. Consider talking to a social worker or even the billing department at the hospital. They will have a list of potential financial aid programs or charitable organizations that may be a good resource for finding solutions for paying off your bills.
Take Out a Loan
When the going gets tough financially, many people turn towards the solution of taking out a personal loan. A personal loan is a viable option for consolidating and paying off your overall medical debt. However, in order to turn to this solution, you’ll need to make sure that you have good credit. What’s favorable about personal loans, as opposed to credit cards, is they come with a much lower interest rate than a credit card, and they often have a fixed repayment schedule.
If you have good enough credit, compare loans with a few different lenders, and make sure you understand the terms clearly. The last thing you want is to find yourself not only facing medical debt but also required to pay off a loan that has only caused you further financial strain.
Crowdfunding
While your friends and family may not be able to pay your medical bills individually— collectively, they just might be able to. If you’re truly struggling to pay for your medical bills, consider starting a crowdfunding campaign.
Crowdfunding has become one of the most popular ways for people to raise money nowadays for important causes like paying off medical bills. A platform like GoFundMe will allow you to share your story with a unique link, and allow people to donate to your cause. Although there is a small fee, this can be a great way to come up with money quickly.