To Advertise On This Site Please Contact Us
Credit Debt Solutions
Business Debt Settlement
Payday Advance Lenders
Consumer Debt Consolidation
Credit Cards Debt
Credit Debt Settlement
How To Pay Off Debt
Debt Consolidation Programs
Debt Relief Programs
Free Debt Help
How To Settle Credit Card Debt
Living Debt Free
Pay My Debt Off
Pay Off Debts
Payday Loans Lenders
Settle Credit Card Debt
Lucky are the ones who have good health and have little or no visits to the doctor! Sadly we cannot rely on luck, as illness and accidents are a part of everyday life. There are sure to be a few visits to the doctor for small ailments that will not eat into our budget plans, but for some people serious illnesses like cancer and other diseases are causing problems and stress way beyond those caused by the actual medical issue itself. Medical debt is a really serious problem for many people in the US.
Bankruptcies are not only filed by people who are in debt due to excessive spending habits or because of the economic downturn. It has been proven that over 50% of bankruptcies are filed owing to medical debt of people who have taken medical insurances. It is alarming and scary to know that most bankruptcy cases are of people above the age of 65. The remaining are women whose husbands have abandoned them without paying for child support.
The cost of medical treatment is sky rocketing and the increase in the spread of diseases is overwhelming. Each day brings out a new type of sickness that was not heard of in the past years. The spread of bacteria causing viruses is on the rise making life without sickness impossible. Everywhere in the world there is sickness and medical treatment that has caused the mushrooming of small clinics and polyclinics across the globe. Besides this, people are faced with the threat of having to deal with fake doctors and nurses which is also on the rise.
In the US it is a lack of, or inadequate insurance that is the main cause of people going into serious medical debt, perhaps leading to bankruptcy. The cost of a simple surgery is sometimes so exorbitant that a normal salaried family cannot afford to pay without seeking assistance from insurance companies. Certain conditions apply with the insurance companies wherein the costs of medical tests are not covered. The age of an insurer is also taken into consideration when applying for medical insurance. Insurance companies are commercial organizations and will do all they can to avoid paying a claim.
Due to these reasons many people find themselves in medical debt thus affecting their economic status. Individuals or families with acute medical debt should seek assistance from debt help companies that offer free advice and assistance how to handle this type of debt. There are many organizations out there that can provide debt help, but you need to be careful as not all of them are properly licensed and some will happily leave you with more problems than you started with. There are plenty of good companies that will give you sound advice and help you get rid of your debts, you just need to make sure you find them. It is best to apply to a few different companies and get a free consultation from each of them before you make a decision.
You can find a list of some of the most reputable debt companies on the main Debt Programs page of this site.
A few tips on how to pay off medical debt would be very useful at this time:
Bankruptcy filing is not as simple an idea as it seems to be in the event of handling medical debt. In fact it would only destroy your financial and credit status for a further six or more years. Instead there are many other ways of handling medical bills that crop up unexpectedly in one’s life. A person filing for bankruptcy should be prepared to get denied any kind of loans like car, house, consumer loans, credit card debts etc. In certain cases even the job that one holds is at stake. This would create an added distress to the family that files for bankruptcy.
The better way of handling medical debt is to seek assistance and guidance from a debt settlement company. They will make negotiations with creditors on your behalf, arrive at an agreeable repayment amount and relieve you of the burden or stigma of filing for bankruptcy. The settlement company would prove to the hospital concerned that your repayment capacity is limited and if an agreement is not met you will file for bankruptcy. This would reduce the overall as well as the monthly payments. This would in turn pose a threat on the concerned hospital authorities which would then be likely to reduce their debt claims on you considerably, rather than risk receiving nothing at all.
Persistency is mandatory as hospitals initially act indifferently to patients who begin to make representations to them. Be persistent and demand a reduction in the rate of debt or tell them that you are filing for bankruptcy. Do thorough negotiations and come to a satisfactory conclusion between both parties.
Remember when negotiating for medical debt claims everything should be got in writing. Oral agreements should never be maintained and carried out, as it would cause unnecessary problems on both sides. Misunderstandings could occur and you would have no evidence to back up any agreements made. Make sure the entire agreement is neatly written or typed out, read it carefully before signing the documents. Check whether the same document is signed by the hospital authority as well.
Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.