In New Jersey and around the country, medical treatment costs can skyrocket when you don’t have adequate health insurance. Even if you have insurance, their are deductibles that are often quite large and that you are responsible for. Despite being healthy, you still have chances of requiring emergency medical attention. Unpaid medical bills often affect your credit score. Here are several ways on how to deal with this issue.
Ensure the charges are accurate
Although most systems are accurate, some providers might make mistakes when preparing your bill. The result is expensive charges. Therefore, once you receive a medical bill, ensure the charges are correct. Most errors include services you didn’t receive or days you didn’t spend at the hospital. Additionally, despite the amount in the bill, don’t ignore the payment. Ignoring the bill will not only affect your credit score, but you’ll also receive annoying calls from the collections department of the hospital.
Don’t paying using your credit cards
If you have medical debt, you might get tempted to pay the bill using your credit card, but you should try not to. Once you pay using your credit card, you start a cycle of debt with high interest rates, which can affect your credit score. Medical debts are negotiable. Thus, you can agree with the hospital on a payment plan to offset the bills.
Apply for financial assistance
Most hospitals offer financial assistance to people with overwhelming medical bills. Other hospitals require paperwork that entails paychecks, tax returns and bank account information. Although getting a loan isn’t advisable when you plan on taking one, ensure it has lower interest rates. Also, consider lenders with particular loans for medical expenses.
