In our currently rough economy it’s very important to know every possible way to reduce your bills. For most people this would mean switching to a cheaper water provider, or switching from Visa to a credit card with lower interest rates; but for others reducing their repayments of medical bills can dramatically reduce their monthly payments.
You can turn a huge bill into a much smaller, more manageable bill. To show you how big of a deal medical debts really are here are some statistics:
- According to Harvard Researchers medical debt was a major factor in 62% of personal bankruptcy cases in the United States.
- The average medical bill for those who filed for bankruptcy because of medical debt was $17,749 for those with insurance, and $26,971 for those without insurance.
- Money Magazine stated that about 60% of people who requested a lower medical bill received just that, a lower medical bill.
1) Working Out How Much You Really Owe
Request an itemized bill for all your medical expenses. Check each item on the bill and make sure you’re only charged for the service you received. Don’t let them over-charge you because of mistakes and hidden fees. Make sure there are no double charges, and no additional drug charges for drugs you did not receive. If you find any mistakes in the bill don’t be afraid to present the mistakes to the medical provider. If needed this can be professionally done by a medical advocate.
2) Decide How Much You Will Be Able To Pay
Remember that your goal should be to turn a big unplayable bill into a smaller, much more affordable bill. From the hospital’s point of view, they just want to get paid. If reducing your rate means you wont need to file for bankruptcy and they can get paid a portion of the debt then they’ll be open to it.
3) Figure Out How You Will Pay The Difference
Once you’ve figured out exactly how much you can afford and set how much you can afford monthly, you need to figure out a way to make up the difference. Your insurance may be able to cover part of it, as well as charity organizations and groups. If you’re unable to make up the difference this amount will need to be taken off through negotiation.
4) Just Ask For Reduced Rates
After you’ve decided how much of the debt you can really afford to pay get in contact with your doctor or medical provider to discuss your remaining debts owed.
5) Get An Official Copy Of the Revised Bill
Once you’ve come to an agreement with your medical provider get a copy of the revised bill, or get an agreement written and signed. An oral agreement is worthless if it isn’t properly documented and signed.
6) Negotiated Repayment Terms
After negotiating a new amount to be owed, negotiate the payment options that will suit you best. Reinforce your argument with the fact that the total bill will be paid for in the end. You may be asked to pay the reduced amount all at once, or in the form of monthly payments.
Although the process may seem to be overwhelming and difficult, reducing medical debts should be dealt with the same way any other money-saving options are dealt with. Keep in mind that you are trying to reach a mutual agreement between you and the hospital. They want to do what’s best for them the same way you want to do what’s best for you.