Medical debt is dealt with much differently when filing for bankruptcy than the usual unpaid credit card bills. Declaring for bankruptcy should be avoided at all costs, and should only be left as truly the last possible option.
Do Not Transfer Your Medical Bills to A Credit Card
While it may be tempting to pay your medical bills with a credit card, and transfer the debt entirely to a credit card this should be avoided. Interest rates on credit cards have become ridiculously high, and the last thing you want to do when struggling is increase your debts.
On top of that, transferring the debt reduces your chances for being accepted into the Medicaid program, which is based off of your gross income.
Settle Your Medical Bills Regularly and On Time
Whenever possible, you should try and avoid defaulting on your medical payments. This can damage your credit score , and cause additional fees and charges, such as interest. Keeping up with all your bills ensures your credit score will remain high and healthy.
Negotiate With Your Lender
If you’re having a hard time keeping up with your medical bills speak with your lender. Negotiate more reasonable rates. Be sure they understand you’re having difficulty paying the bills at their current rate, and make it clear that it would be in both yours and their best interest to decrease the debt owed.
Charity Organizations Are There to Help You
Check with your local church or local giving groups to see if you apply for financial aid. Also be sure to Google search groups which help individuals in dire financial need. Keep in mind those with less income than you will be prioritized over you.
Apply For Medicaid
When in financial troubles because of medical bills Medicaid may be the help you need to get out of the hole. Medicaid is a State and Federal Government sponsored program which helps those in need of financial assistance due to high medical bills. Depending on where you live Medicaid may cover and pay for 50-100% of your medical bills.
Paying for unexpected medical bills can be devastating, especially to those who were barely making it before the bills. No matter how bad it may seems remember there is always help available.