It is important to pay off medical bills, in order to avoid late bills, but did you know that there is always room for negotiation? You can try reducing the amount you own, ask for a repayment plan, or consider opting for a payday loan to take the weight off your shoulders in the shortest timeframe.

Let’s dive deeper into the topic so that by the end of this article, you’ll have a clear idea of what to do with your medical bills and how to incorporate them into your budget.

How To Prioritize Paying Medical Debt

Medical debt can be a major source of stress and financial hardship for many people. If you have multiple medical bills that you cannot afford to pay, you may wonder how to prioritize them and avoid damaging your finances.

By the end of this article, you will have a better idea of how to manage your medical debt and improve your financial situation.

Don’t Pay Until You Investigate

The number of medical billing errors is constantly growing. The risk of inaccurate bills will increase even more if you have a few departments working on your case or if you have multiple insurance carriers.

Make sure to request an itemized list of all the services that you have received – you might have never undergone any of these procedures or some services might have gotten billed twice.

Also, cross-check the medical bills with the ‘explanation of benefits’ that comes from your insurer. The document will show how much the care provider is charging the insurance company, how much the company is willing to pay, and the amount that you may have to cover.

Finally, you can file a complaint in case you have received a surprise medical bill from an out-of-network care provider.

Negotiate The Bill Down

If you do actually owe the amount stated in the bill, don’t worry. You might not have to pay the whole sum.

If you have a lump-sum available, you can contact the healthcare provider and offer to pay a smaller amount but all at once. Such a trick might easily help you save a few hundred bucks if not thousands.

You can also negotiate the bill down by comparing the rates for the same procedure in your area. You will be surprised by how many healthcare providers (especially, the larger ones) would agree on a lower sum.

Set Up A Repayment Plan

Those who cannot afford a lump-sum payment would have to work with the healthcare provider to come up with a repayment plan.

Make sure to set the monthly payments that you can actually afford. Even if you understand that you’ll be able to pay only $20, for example, but you’re willing to do that every month, the biller will most likely agree with whatever terms you decide to propose.

Remember that you would have to prioritize the payments that help ensure that you have a roof over your head. After that, calculate how much you can afford to repay towards medical debt without sacrificing your comfort. In any case, try to keep your debt-to-income ratio below 35%, otherwise, it will be pretty much unmanageable.

Why Is It Important To Avoid Late Bills?

If you delay payments and your medical debt ends up in collections, it will have a negative effect on your credit score.

The three major credit bureaus will give you 365 days to resolve any medical debt. During this time, you have to at least reach out to your healthcare provider and let them know that you’re willing to repay what you owe.

How Can A Payday Loan Help?

A payday loan can become a convenient way to take care of small medical debt, in case these bills simply don’t fit your budget. If taking out a payday loan might help you negotiate the bill down as you’d be able to settle for a lower sum in case it gets paid at once, borrowing might be worth it as well.

By the way, with Fast Payday Loans, Inc., you might be able to qualify for up to $1,000 in only 30 minutes.

How To Take Out A Payday Loan

Our online payday loan process is as simple as it can possibly be.

All you would have to do is gather the required items (your ID, most recent pay stub, and information about your active checking account) and get on the phone with one of our friendly representatives.

You wouldn’t even have to step foot in the store. Your documents will be assessed over the phone, and you might qualify even if you have poor credit.

Take Care Of Your Medical Debt Today!

Though you can try lowering your bills and coming out with a repayment plan, only fully paying off medical debt will help you finally find peace of mind. A payday loan can assist you in quickly dealing with expenses and avoiding late bills.

We at Fast Payday Loans, Inc. can help you receive up to $1,000 in the shortest timeframe. And the best part is that you wouldn’t even have to drive to the store – the application can be finalized over the phone! To get started, simply fill out our request form.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.