Some Guidelines To Get Relief From Medical Bills

Some of the many ways you can get relief from medical bills. Many people don't realize all the options they have when it comes to medical bills they cannot pay, this is not like have credit cards you cannot pay. Medical bills can be resolved much easier than most other forms of debt.

When it comes to bankruptcy, medical debt is one of the leading causes, the only cause that is greater is loss of a job. Don't be a statistic and file for bankruptcy if you are plagued with medical debt! Most individuals with medical debt dont realize that there are multiple ways to solve medical debt other than bankruptcy.

All options should be exhausted before filing for bankruptcy. Below is some advice which can help you pay off or deal with your medical debt instead of going bankrupt. Avoid moving any medical debt you have to a credit card. Moving the medical debt to a credit card is not a good decision because usually the interest rate on the balance will be much greater than if you carried the debt with the medical provider. Moreover, usually the interest rate is lower on medical bills versus a credit card.

Also, if you transfer the medical bill/bills balance to a credit card you usually will significantly reduce your likelihood of getting approved Medicaid. Medicaid eligibility is mainly determined by amount of gross income. Therefore, any medical debt you have lowers your gross income whereas any credit card debt you have will not lower your gross income.

Secondly, try your best to make timely payments towards the medical debt. Missing payments can negatively impact your credit and will most likely result in additional fees and interest. Being more diligent with payments the better chance you have of preventing your credit score from declining. If you are unable to make payments call the hospital or doctor's office you have medical bills and try to negotiate a payment plan that fits your budget.

Keep in mind that they would much rather negotiate with you and have you make payments or pay less than have you go bankrupt and not receive any money at all. If you feel more comfortable, have a debt settlement or credit counseling company do this for you. These companies are experts in negotiating with creditors (hospitals, third party billing agencies, collection agencies etc) to either help you get a more reasonable payment plan and even sometimes negotiate your total medical debt to a lower balance amount. Many charity organizations may help you to end your medical debt.

Most organizations are more willing to help those that are extremely in need and have exhausted all other options. If possible look to apply for Medicaid. Medicaid is a dual sponsored program by federal and state funding. Each state offers Medicaid and the plans vary from state to state. Try to research the state you are considered a resident of and see if you would qualify for Medicaid. Depending on your state, past medical bills may be covered or partially covered by your state Medicaid plan.

Personal loans might not require collateral, allowing some to function as unsecured debts. Before using this approach, you need to determine if your credit score will help you get a lower rate and if you can borrow enough to pay off the card. Otherwise, this approach may not be beneficial.

When developing a credit card strategy for rising interest rates, it’s important to realize that not all techniques will work for all people. In the end, don’t count on a new card or loan as a solution unless you have the credit score and history to make you an attractive borrower.

Do you have a credit card strategy to combat rising interest rates, Tell us about it in the comments below. Looking for more great articles about credit, If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. There was an error submitting your subscription.