What to Do When You Have Unexpected Medical Bills

Unexpected medical bills can ruin lives. One in five Americans are currently having problems paying medical bills, and one in ten people have medical bills that they are completely unable to pay. Planning ahead is one thing, but when you’re faced with a medical bill out of the blue it can be devastating. It’s not like you can defer payment or ignore it – you need the money now.

The medical bill if you’re in a car accident could typically be $30,000. Without health insurance, the bill for medical treatment for a heart attack can top $100,000. Even with health insurance, you’ll be expected to pay an excess of $3000-$5000, a crippling amount of money to many people, especially when it comes unexpectedly.

Reducing the Cost of Medical Bills

Hopefully, you will not be in an emergency situation and will be able to negotiate your medical expenses with providers. You can shop around to see the treatments on offer and their price. Many providers offer a payment plan that you can work out before the treatment starts. Some are interest-free, making them one of the best choices for deferring payment of an unexpected medical bill.

If you have health insurance, it’s important to now check what is covered and to ensure you go to health provider covered by your plan. When you do get medical services get an itemized checklist and check it against the treatment that you received. It has been suggested by the Medical Billing Advocates of America that up to 80% of medical bills contain errors.

Financing an Unexpected Medical Bill

 

Medical Credit Card

Ask the doctor or hospital if they offer to finance through a medical credit card. These credit cards are run by companies that specialize in short-term medical treatment financing, usually over 12-24 months. The interest rates are usually low – but the penalties for missing a payment are high.

Standard Credit Card

A relatively flexible option, charging your medical bill to a standard credit card gives you the chance to pay the amount back quickly if you’re able to, therefore avoiding those draining long term interest charges. Consider just how long you think it will realistically take to pay back the credit card and how much that higher interest rate is going to hurt you in the long run.

Title Loan

A title loan on a house or a vehicle that you have fully paid for is a quick way to release the equity stored in the property for your immediate use. Interest rates tend to be much lower than credit cards, as the title loan provider has a real piece of property that they can repossess if you do not keep making your payments.

Midwest Title Loans has six locations in the Kansas City area where you can get a title loan on your vehicle in Kansas State. You can get your money in as little as 20 minutes, and you get to keep your car and drive it. You have the choice of paying off the loan within 30 days or extending the loan by paying the minimum interest due. An automotive title loan in Kansas City is particularly good if you only have a small medical bill expense that you expect to be able to pay off within one to two months.

Personal Loan

Personal loans can be a better option than a credit card if you know you won’t be able to make the full repayment within a short period of time. Personal loans typically lock you into a set interest rate, set monthly repayment, and set period of time. While this is somewhat restrictive, the interest rate will almost certainly be lower than a credit card. Knowing the exact amount that you need to repay each month can make managing your new burden easier.

Financial Aid

You may be eligible for financial aid to reduce your hospital bills. If you know that you will have trouble paying your bills, let the hospital know, and they may have a financial assistance policy that can help you. You can also consider the more direct route of asking friends and family for assistance in this trying time.

Unexpected medical bills are a nightmare. Pre-plan by availing of health insurance, critical illness insurance, or accident coverage. Even with this in place, you may find yourself needing a personal loan, credit or title loan in Kansas City, so consider your options well and you’ll ultimately pay less for your unexpected medical bills.

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