What is the Minimum Monthly Payment on Medical Bills?
Medical bills are some of the most crippling and devastating expenses that any American can face. Even with a healthcare plan or insurance policy in place, your benefits might not be enough to overcome the mounting costs of most medical procedures.
It’s no surprise that people wonder how to get out of paying medical bills.
The good news is that there’s plenty you can do to make paying medical bills much more manageable. In this article, we’ll talk about everything you need to know about overcoming debt relief, including concerns such as “what is the minimum monthly payment on medical bills?”
Medical Debt Payoff: Everything You Need to Know
Medical debt is much more flexible than any other kind of debt. You have more leeway to negotiate payment terms, or even question the total cost of your hospital bill.
Unfortunately, your healthcare provider might not let you in on this crucial information, so you should be upfront with them regarding your financial situation. Speak frankly about what you can pay and see if you can negotiate a lower account balance.
Another secret most hospitals won’t tell you? You’re often charged more if you don’t have insurance. But you can use this knowledge to your advantage. Tell medical bill collections that you’ll be willing to pay the same amount that Medicaid would.
Keep reading below for a few tips on how to negotiate a reduction on your medical bill:
Hospital Payment Plans
Some doctors, hospitals, and healthcare providers give their patients the option of a medical bill payment plan. These plans split your total bill into equal monthly payments over a set period, making your payments more manageable.
If a payment plan is possible, consider it. It’s one of the easiest ways to resolve a bill you couldn’t otherwise afford. Most hospitals offer this, but they won’t directly tell you, so you need to be proactive and ask for it.
But before you jump the gun, you should consider some factors:
- First, make sure there are no added interest fees or processing charges, or you’ll risk substantially increasing your medical debt. Also, don’t forget to ask the terms of the plan, including questions like, “what is the minimum monthly payment on medical bills plan?“ Make sure the proposed plan adheres to existing medical bill payment plan laws in your area.
- Second, put everything in writing. Draft up an agreement of your payment plan and have your healthcare provider sign it to protect you if future disputes arise.
Work with the Health Care Provider to Get Your Medical Bill Reduced
● Negotiate a discount
Negotiating the cost of your medical bill is the quickest way to reduce your overall payment. However, you need to be prepared. Do your research to figure out how much other providers are charging for your procedure. Then, use this quote as leverage to lower your own rate.
Some hospitals also give a prompt pay discount (as much as 10%) when you pay your bill in full. If you can afford this option, the 10% reduction might translate to thousands of dollars in savings.
Alternatively, you can hire a medical bill advocate to negotiate on your behalf. Just make sure your potential savings are higher than the fee your advocate is charging.
● Request medical bill forgiveness or assistance
If you can prove that you’re struggling financially, you can apply for bill forgiveness or assistance. Some hospitals or states have income-driven hardship plans, where you can reduce and split your bill into discounted monthly payments. Be prepared to show proof of financial hardship through tax returns or bank statements.
Ensure Accuracy of Charges When Paying Medical Bills
Alarmingly, hospitals frequently make mistakes with billing. Therefore, you should take the time to read through your statement and check for possible errors. Even if your hospital bills display billing mistakes, you still need to deal with them.
● Don’t ignore your bills
Many people ignore their huge hospital bills, pretending they will just go away on their own. This is a big mistake. If you do this, your bill might get sent to collections, where your credit score will be negatively affected.
● Don’t use credit cards to pay off your medical bills
Using credit cards to pay your bill might be a quick solution, but it’s fraught with problems. You’ll often face high-interest rates, plus, it’s almost impossible to negotiate your bill once it’s been swiped on your card.
Medical Debt Relief Can Be the Answer
If you’ve tried all the suggestions on this list and still face a mountain of medical bills, you might need to consider debt relief. Our debt relief experts at CreditAssociates can help you create a plan to tackle your hospital bills at a fraction of your monthly payments. Request a consultation with us today and one of our Debt Consultants can walk you through a personalized plan.