Your health is priceless. But if you’re dealing with medical debt, you’re not alone. At least 72 million Americans are struggling to pay off medical bills.
Here are 8 tips for dealing with medical debt:
For some expert insights, I spoke with Kent Ivanoff, the CEO of the medical billing platform VisitPay, which helps patients simplify the process of viewing medical bills and repaying them on time. VisitPay is free to patients whose provider signs up.
And keep in mind, your money and your health are personal so what’s worked for others may not work for you. Always consider your own needs and situation first before acting on any financial advice.
First, if you have insurance, make sure you understand what it covers and where you can go for care.
Always ask for an itemized bill when you visit a provider.
Don’t be afraid to ask about payment plans and hardship assistance.
Ask to negotiate your medical bill. You might be able to talk your debt down.
No matter how tempting it may be, don’t try to ignore your medical bills.
And use personal loans or credit cards as a last resort.
Put a solid debt repayment plan in place.
And finally, use an HSA or open a medical savings account to help you pay off future bills. Setting even a little money aside can help you stay out of debt in the future.
What’s helped you deal with medical debt in the past? Share your best tips in the comments below.
And for more money tips and tricks, check out the rest of our personal finance posts.
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