All forms of debt are equally burdensome. At the end of the day, a dollar is a dollar, whether it's student loan debt, tax debt, or medical debt. However, medical debt can be one of the most frustrating forms of debt for many people who are struggling financially. The truth is, medical debt is more emotionally charged than any other form of debt.
If you're struggling with medical debt, we have a list of suggestions to help you resolve your debt once and for all. You don't have to live with this debt forever. Though it might feel frustrating now, you do have options. Medical debt can be cumbersome, but it's not an interminable problem.
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Check Bills for Accuracy
The first step in dealing with debt is to evaluate your bills to ensure that you've been charged correctly. You might be surprised to learn how often medical bills include errors and inaccurate figures. It's highly advised that you hire the services of a financial professional to help you sort through your medical bills. A financial professional should have the experience necessary to help you effectively evaluate your bills and check them for errors.
Negotiate With Insurance Co.
If your bills are error-free, it's time to start talking to your insurance company. Let your insurance company know what your financial situation is. If the insurance company sees your good faith intentions and feels comfortable with your financial situation, they may be willing to negotiate your debt, making repayment more manageable.
Negotiate with the Hospital
If the insurance company is no help in resolving your debt issues (or, if you don't have health insurance), then your next course of action is to speak with the hospital that holds your debt. Debtors are often surprised to learn how effective this path can be. In fact, working directly with the hospital might be a more efficient way to tackle your debt than entering into negotiations with your insurance company. Don't discount this method!
Filing for Bankruptcy
If all else fails, we'd like to remind you that hiring a bankruptcy lawyer and filing is a good option for many who are struggling with medical debt (and other forms of debt). A bankruptcy lawyer can help you discharge all of your medical debt and other debts, while also insuring that you retain all of your essential assets. Many people have found the debt relief offered by the bankruptcy process to be incredible. And, remember, by filing for bankruptcy, you don't just discharge medical debt; you discharge all your debts!
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