The Wall Street Journal posts an article today about getting out of medical debt. You'll need a subscription to access the full article, but we'd like to summarize a few of the tips:
- Negotiate - "Believe it or not, medical care is negotiable," the Journal writes. And it is. If you are uninsured or under-insured call your doctor's office or hospital to let them know and ask to work out a lower price. Typically, you can reduce your bill by up to half.
- Ask for a payment plan - Most hospitals and doctors offices will set you up on a payment plan so that your finances don't take a huge hit, and you won't typically get charged interest. "Just make sure to keep in close contact with the billing department," the Journal cautions. "Once a payment plan is in place. Many hospitals have computer systems that push buckets of unpaid bills into collection after a certain date ... so [you] will need a human to override the software program."
- Seek help - You're not in this alone. Hospitals have access to government funds (or their own charity care funds) to help cover the cost of caring for those without adequate insurance. Call the hospital and let them know your situation. Talk to the hospital's financial counselor and fill out a charity care application. You can also contact the Patient Advocate Foundation to secure additional help with paying your bills.
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