Many New Jersey residents do not have the luxury to shop around or even think about the cost of medical care.
After all, after an injury or during a serious illness, the important thing is to get the care that a person or her loved one needs and to worry about payment later.
Unfortunately, the medical bills that follow can result in some serious sticker shock.
Not everyone has good health insurance, and even what seemed like a straightforward medical treatment can cost thousands or even tens of thousands of dollars. Typically, medical providers expect payment quickly.
Don’t panic after receiving a large medical bill
The important thing to do after getting hefty medical bills is not to panic, as trying to find a quick fix to the problem can cause more serious financial trouble down the road.
For example, paying off a persistent medical provider with a traditional credit card can lead to a debt that quickly snowballs with interest and fees.
There are good options available to people for paying their bills. Many providers are willing to negotiate a payment plan and may even waive part of the balance. In other cases, the provider may offer a formal hardship plan for someone on a limited income.
Bankruptcy may be the best choice for dealing with medical bills
Sometimes, bankruptcy may be the best option for dealing with medical bills. For instance, in many cases, medical problems also mean a family will have a lower income as well as lots of bills.
In other cases, a medical emergency may push a family already struggling under the weight of debt over the cliff financially. A New Jersey family trying to manage medical debt and who is considering bankruptcy should speak to a qualified legal professional about their options.