According to the Centers for Disease Control and Prevention, over 20 percent of adults in the United States are struggling to pay their medical bills. This study, published in 2011, shows that massive increases in medical debt during the economic recession have impacted U.S. citizens nationwide. Rural areas have been hit particularly hard, with the loss of jobs leaving millions without the health insurance they counted on just a few years ago.
The CDCP conducts an annual survey of 50,000 people nationwide, from all backgrounds and economic brackets. Of the 50,000 people surveyed, 10 percent of those stated that they’d be completely unable to make even the most basic monthly payments on their existing medical debts. This statistic has only grown over the last few years, with the loss of health insurance being the primary cause of this massive increase in medical debt. Of course, if you need even the slightest medical treatment it’s going to be expensive, but there are always options if you find yourself suffering from massive, crushing medical debt.
Negotiate Your Medical Bills Down
Even if you find yourself without insurance you have options. Many medical providers will offer you discounts if the procedures are negotiated in advance, and providers may even be able to direct you to one of the many state and government programs designed to help if you don’t think you’ll be able to pay the entire bill without assistance. Of course, it isn’t always possible to negotiate in advance, and in those situations, there are certainly options available after the fact.
Avoid Medical Bankruptcy
Though you may think that bankruptcy is the most attractive solution, over the last decade, the U.S. government has made it progressively more difficult to successfully declare bankruptcy, and the massive damage to your consumer credit ratings can make it difficult to purchase a home or car for years afterward. Medical debt bankruptcy seldom solves the problem of medical debt, especially when medical debt can be so successfully negotiated as long as you have the right tools and training at your disposal. If you don’t want to consider bankruptcy except as a last resort, perhaps the best option is debt relief through consolidation.
Get Help Paying Your Medical Bills Off
Consolidation through settlement is one of the most attractive options if you are suffering from medical debt. Because providers of medical care are often willing to negotiate pricing and payment arrangements, it can be a very attractive option. Of course, it can be a daunting task to negotiate with people who have provided medical care, and it’s often best to remove the emotions from the equation. In these cases, it’s usually best to seek outside counsel. Using a third-party can be a great option to use – taking away much of the stress from the medical bill negotiation. Because they can look at it with a fresh, unbiased eye, third-party medical debt relief services often have more success in doing medical bill negotiation and reducing the debt to a much lower amount and arranging an attractive repayment plan. Consolidating it into an attractive, more easily managed payment package is the specialty of these third-parties, and they have the contacts and the experience to do it the right way.
Using a third-party service can be a great idea, and finding a trusted source is vitally important. The company you choose will help negotiate away a large portion of your debt, so ensuring that they have the experience and ability to do it the right way is essential. Debt consolidation firms provide a valuable service, making it possible for consumers to meet their financial obligations without defaulting on a debt. This is beneficial for both the financial and emotional well-being of the debtor and their family. If you find yourself in over your head with medical debt, call us to speak to one of our professional debt-settlement counselors or fill out our convenient online form so that we can help you start a debt settlement plan that will change your financial life. Get your free medical debt consolidation quote today.