Top 3 Tips to Pay Off Medical Bills
We all have to deal with medical bills, and even with health insurance, paying those expenses can sometimes be overwhelming. If you’re recovering from an accident or injury, you may be facing more medical bills than you’re used to, which may be especially difficult to pay off if you’re unable to work during your recovery. You may also be facing other significant expenses, such as home and car modifications that are needed to accommodate an injury. If you’re struggling with debt and need help paying off medical bills and other expenses following an accident, you can try to:
Most medical bills are meant to be paid in full, but depending on the amount owed, this may be difficult. When you have several different medical bills from numerous providers, it can feel impossible. Delaying any type of payment, however, can cause your bills to be turned over to debt collectors. Before letting this happen, reach out to these providers and explain your situation. Try to negotiate payments that are reasonable for help paying off medical bills and other debt expenses, which can allow you to tackle your bills over a longer period of time.
Look into Credit Options
If you’re unable to negotiate an affordable payment plan with your medical provider(s), paying your medical bills with the right credit card may be the solution to tackling your medical debt with reasonable monthly payments. You’ll want to shop around for the credit card that offers the best interest rate based on your credit score. Many credit card issuers have interest-free promotions for consumers with good credit; you may also want to look into medical credit cards, which can provide an introductory period of interest-free payments.
If you’re the recipient of a long-term payment stream following the settlement of a personal injury lawsuit, you may be dealing with a lot of medical debt as a direct result of your injury.
Depending on the extent of your injury, you may be temporarily or permanently out of work. You may have also had to make specific changes in your life in order to accommodate your injuries, including additions to your home and car. No matter the details of your situation, you may have a lot of medical bills to pay as a result. Although the settlement from your lawsuit is meant to help handle these expenses, perhaps the periodic payment structure is no longer convenient and you would rather receive your money all at once.
At DRB Capital, we may be able to buy some or all of your future structured settlement or annuity payments so that you can receive your money sooner, making it easier to pay off some or all of any incurred medical debt. Contact us today at 877-894-4541 to learn more and to get started.