Medical bills can be extremely overwhelming but there are certain things that you definitely need to know. One secret that most of the hospitals do not want you to have knowledge about is that the bill that they are sending is only the initial offer. You are always going to get a lot of room for negotiating and in most of the cases your bill can be reduced by almost 90% or can be forgiven completely. Most of the credit reports are responsible for containing medical debts.
Most of you might not be aware that a number of hospitals, especially the nonprofit hospitals, are responsible for providing the programs of financial assistance. People can take advantage of these programs in order to pay for their medical bills in case if they are not capable of affording them. Given below are the two situations where you are going to qualify for the financial assistance programs provided by the hospitals.
You are insured- The first and most important situation that is going to be taken into consideration is if you are insured. Often, being insured is going to result in the reduction of bills automatically irrespective of your income. People who have low income can also qualify for the bigger reductions.
You need to understand that you should not visit a hospital without having medical insurance. Insurance is known to come with a number of protections, like reducing the costs of certain procedures.
You are responsible for owing a huge amount to the hospital even after insurance- Another situation where you are going to receive financial assistance from the hospital is if you have insurance but your medical insurance is covering only a certain part of the entire cost. If your annual income is low and your medical bill is high, there is a chance that you are going to qualify for receiving financial assistance from the hospital.
Three Types of financial assistance
If you are in any of the situations that have been mentioned above, given below are the three kinds of financial assistance that you can be eligible for.
Reduction of bill or forgiveness- The first and most important is the reduction of the bills for complete forgiveness. In case your financial situation is extremely tough, there is a high chance that a greater part of your medical bill is going to be considered by the hospital authority and is forgiven by them.
Personal loans for your medical debt- In case if you have a huge amount of medical debt, which in no way can be resolved with your hospital, you can definitely consider taking a personal loan for covering the medical bills. Personal loans can provide almost 1 year or even longer for clearing the medical debt.
If you have been making payments on a number of medical bills, you should make use of the personal loans for consolidating them. This is going to help you to make a single payment every month instead of juggling with a number of medical bills. This is also going to help in reducing the rate of interest, which you are paying on the medical debt. You can consolidate your medical bills.
The lenders who provide personal loan do not have specific programs of refinancing for your medical debt but they can allow you to use your loan funds for doing so. If your work history is stable and education history is great, personal loans can definitely be the best choice for you.
However, if your credit score is poor, you are only going to end up qualifying for the personal loans, which have a high rate of interest. In this case, it is a good idea to reconsider all your options. Ensure that you are weighing the cost associated with the personal loans before you are committing anything. You definitely do not want to replace the medical bills with an amount, which is almost impossible to clear.
Repayment plan with 0% interest- The other kinds of help that the hospitals are responsible for offering are the payment plans with the interest rate of 0%. All these programs are going to be offered without the requirements of any eligibility, which means that anyone and everyone can enroll themselves. It is true that your bills are not going to be reduced, but at least, it is going to become smooth and easy for you to tackle the medical expenses by spreading the entire cost out over a certain time period. In the case of certain situations, you can also qualify for the reduction of the bill as well as the 0% interest payment plans.
How can you receive financial help from your hospital?
In order to understand whether you are qualifying for the financial help from your hospital, the ideal thing that you can do is reach out to the hospital authorities as soon as you have received the medical bill. In case if you end up contacting the billing department of the hospital, they will be readily interested in working with you. However, it is your responsibility to take action as soon as you have received the bill and apply for financial help.