Medical Ophthalmology

Everyone knows that unpaid medical bills cause significant financial struggle and millions of bankruptcies a year. If you have medical debt, or think you were unreasonably charged, you are common, and there are many different options out there to pursue. Your options are much stronger when you can pay (even small payments), but if you can’t, that does not mean you face bankruptcy. One thing is for sure, being proactive and learning what your options are is a step in the right direction and a way to reduce your bills.

Options If You Can Pay:

1. Pay in Full or Larger Payments but Pay Less – Many doctors, medical clinics, and hospitals offer large percent discounts (10-30% reduction sometimes) if you can pay in full or in a small number of large payments. The incentives help your medical provider keep their accounts receivable (what people owe them) low and increase their chances of getting paid. However, make sure to not jump and do this right away, because you might be able to negotiate the total amount done if some charges and fees are in error or unreasonable.

2. Debt Negotiation Services Specifically For Medical bills – If you work within the industry, then you know what reasonable charges are for certain medical procedures, and how the insurance companies work. If you don’t, like most of us, then you will need to research this information and learn how to negotiate. Therefore, to make sure you save the most amount of money and time, some companies provide medical bill review and negotiation on your behalf. They are more successful and get large reductions because they know the industry. Be sure to work with no-risk or contingency fee based companies because there is no percentage of savings fee if you don’t save (so it’s a win-win).

3. Consolidate Your Medical Debt With a Loan – This is not always the best option should always come after steps 1 or 2 above. If you have medical debt and you are not on a payment plan, a loan allows you to only pay off the medical debt right away. However, you end up paying more in the long run due to the interest. Usually a personal loan is more difficult to obtain than a home equity loan or refinance; but if you can’t make a house payment you put your house in jeopardy. This is a last resort option and should be utilized only if you can obtain a lower interest rate than your current (5% at least better).

Options If You Cannot Pay:

1. Contact Government Funded Organizations – Medicaid is a government program that you may qualify for to help with medical bills and is designed by your State. There are many factors for eligibility, and usually they help reduce future medicals bills rather than cover those before coverage. Medicaid does have coverage for patients with reasonable income so long as their bills are high as well. Each state should have a website for information. Also, if you have children each state has a SCHIP or State Children’s Health Insurance Plan that your child may be eligible for.

2. Contact Financial Aid Contact or Charities – Many hospitals and medical clinics are non-profit. In order for them to maintain that status, they have to provide a certain amount of services for free. Therefore, many hospitals and clinics offer financial aid that you must qualify for (based on income, savings etc). Furthermore, many charities are available outside the medical facility that can provide assistance in many cases.

Consequently, if you can make minimum payments, then you are in a better set of options then if you cannot pay at all. Medical debt negotiation is the most effective and timely option but is not exclusive. Unfortunately, this type of negotiation requires a lot of research which leads to you working with a debt reduction company. However, make sure you debt expert or company specializes in medical debt and operates under a contingency basis.

By: Charlie Jones Jr.