5 Tips for Affording Necessary Medical Expenses

The labyrinth of medical expenses can be daunting. No one is immune from the cost of health, and without a clear understanding of the system, crippling bills can quickly become another worry on an already-stressed mind. 

However, it is also true that there are intellectual tools and practical strategies that can be employed to mitigate financial strain. 

Here are five compass points to guide you through this intricate web.

Understanding Your Coverage

Knowing the extent of your medical insurance coverage is the first and most important point of reference. Familiarize yourself with the terms, deductibles, co-pays, and limitations of your plan. This information forms the bedrock of your financial preparation. 

Surveys indicate that a surprising number of people are unaware of what services their insurance actually covers or requires as out-of-pocket expenses. Don't be part of this statistic—scrutinize your policy documents now. 

Determine if you're using in-network providers and make sure all your healthcare providers know what insurance you carry to avoid the shock of post-treatment costs.

Proactive Prevention

The best way to save on medical bills is to avoid needing medical care in the first place. This age-old wisdom still rings true. Simple lifestyle changes, staying up-to-date with preventive screenings, and maintaining a healthy diet and exercise regimen can go a long way in keeping costs down. 

Explore community clinics or wellness programs that offer discounted or free services. Investing time in prevention now can lead to significant savings down the line.

Cost Comparison

In the labyrinth of healthcare costs, ignorance is not bliss. It could cost you hundreds, if not thousands. Arm yourself with information by taking the time to compare costs for procedures, tests, and medications. 

There are other options available, whether you need treatments, medications, oral surgery, or any other form of operation, shop around for the option that best suits your financial situation. Use online tools or directly contact providers to get price estimates before committing to treatment. 

Don't hesitate to negotiate, as many medical bills are negotiable, and healthcare facilities may offer payment plans or charity care to those in need.

Utilize Tax-Advantaged Accounts

Health savings accounts (HSAs) and flexible spending accounts (FSAs) are powerful allies in the battle against medical debt. Contributions to these accounts are tax-deductible, and the money can be used tax-free for qualifying medical expenses. 

Even if your employer doesn't offer these, you can consider the tax benefits of deductible medical expenses if you itemize on your tax return. Educate yourself on what medical expenses are deductible; every bit you can claim back counts.

Emergency Preparedness

Medical emergencies can be particularly financially devastating. To prepare, have an emergency fund dedicated specifically to medical costs and contribute to it regularly. 

Understand your rights in scenarios such as balance billing, where you're billed for the balance after your insurance pays. Many states have protections against surprise medical billing that you can prepare for in advance.

Final Thoughts

Adopting these strategies does more than balance your budget; it creates a personal plan that promotes healthier living and lessens stress. The trick is to see through the immediate costs and visualize the long-term savings and security. 

Your health is non-negotiable, but the financial labyrinth it comes with doesn’t have to be unnavigable. With knowledge and proactive strategies, the maze becomes an avenue towards a healthier, wealthier life.

How to Get Out of Medical Debt

Medical debt is a major financial burden that millions of people are currently struggling with. While you might feel overwhelmed by your medical bills, there are a few steps that you can take to reduce your debt, lower your payments, or even have your debt wiped out entirely.

Collect and Review Paperwork

It is an unfortunate fact that a relatively large percentage of medical bills have errors, and some studies have shown that as many as 75 percent of patients aren’t being billed correctly. 

That is just one of the many reasons why you should always review all of the paperwork that you receive from the hospital. You must also ask the hospital for an itemized list of all the charges so that you can dispute any errors.

Contact the Hospital

The next step in the process is contacting the hospital directly to discuss your bills. As long as your bills haven’t been sent to collections, you might be able to negotiate new terms with the hospital’s billing department. 

Most hospitals want to retain the debt so that they profit from it, and they could help you come up with a more affordable payment plan that doesn’t destroy your finances.

Apply for a Medical Credit Card

Acquiring a medical credit card is another option that you should consider if you can’t negotiate with the hospital. Medical credit cards tend to have very low interest rates and much lower requirements for applying. 

Some medical credit cards even offer zero percent APR for upwards of two years, and that will give you plenty of time to focus on your finances and rebuild your credit.

Consider Bankruptcy

While these other options can be very useful for some patients, there may come a point when it is time to consider bankruptcy. Filing for bankruptcy will allow you to restructure your debt or even wipe it out entirely, and that process should be off your record in a matter of years. 

To read more about your bankruptcy options, you should head to a reputable legal site that will allow you to learn about the pros and cons of each chapter of bankruptcy.

Ongoing debt can become a life-altering burden, and that is why many people will ignore it for years as it spirals out of control. If you have been struggling with medical debt, then it is time to come up with a long-term plan for getting out of debt and rebuilding your finances.

How to Pay Your Mounting Bills After Being Injured on the Job

If you've ever been involved in a workplace accident, you may have started to worry about the mounting medical bills. You may be worried that if the injury has caused permanent harm, you'll have not only trouble getting paid for your medical care but also financial troubles. You certainly don't want this to happen. Here are the tips.

Be Positive

Don't allow yourself to think about how the injury will affect your household finances. To avoid this problem, keep a positive attitude and tell yourself that you'll find a way of dealing with the debt if you have one. 

It's impossible to know what will happen in the future, so don't waste your time worrying about it now. If the injury does end up negatively affecting your finances, you can work on fixing it then.

Talk to Your Creditors

The easiest way to avoid having a debt collection agency hounding you about your unpaid debts is to talk to them. You can either do this over the telephone or in person. 

Tell them that you're in an accident and that you'll be paying off the debt as soon as you can. Ask if they'll give you an extension, and let them know that it's important for you not to get any more calls from them.

Deal With the Problem Once You're Better

Don't worry about your finances while you're trying to recover from your injury. You'll have plenty of time to deal with it when the time comes. 

If you've been injured on the job, make sure that you know your rights and that you know how to handle being hurt at work or having post-accident financial troubles.

Job Site Accident Lawyer

If you need help with your injury claim, call a job site accident lawyer. It's important to make sure that you have a lawyer knowledgeable about worker's compensation and is fully trained in the law.

Check out Your Options

It's worth seeing what help is available. For example, if you're unemployed, you might be eligible for Social Security Disability benefits or Unemployment Insurance Benefits if the accident has left you unable to work.

Save Your Paperwork

Make sure that you save all of the paperwork relating to any payments you make towards your debts and any medical bills or expenses that have been paid by your employer, Workers Compensation, insurance, or Social Security. 

You'll need this paperwork when you make a claim for compensation in the future.

Consider Selling Something You Own

If you can't pay back the medical bills that have been incurred because of your accident, then consider selling something that belongs to you. 

It could be an expensive piece of jewelry or a valuable antique watch. Of course, you'll want to think carefully about this. You don't want to sell something that means a lot to you just for the sake of paying off your medical debt. 

If possible, consider selling something that doesn't mean a lot to you and that you won't be upset about parting with.

Get a Cash Advance From Your Credit Card

If all else fails, take out a cash advance on your credit card. It is a quick and easy way to deal with your mounting medical bills and get your financial situation under control.

If you'd like legal help, contact a personal injury attorney. While you may not be able to afford them right now, you'll at least have some advice from a professional who's qualified in the field of law. As soon as you begin dealing with your particular case, it will be harder for you to find another lawyer.

To help make the necessary changes, you must first figure out what went wrong. Sometimes there are legal reasons why your injury was not properly addressed. 

Your employer is in charge of making sure that the issues surrounding your injury are resolved quickly. They should be offering you a solid and legitimate explanation for why they cannot compensate you for the time it took to heal.

In an Accident? 5 Tricks to Paying down Those Medical Bills

An accident is a stressful experience, and expensive medical bills only add to your stress. Unfortunately, medical bills are the leading cause of bankruptcy in the United States, making it crucial that you don’t let yours get out of hand. If you’re trying to pay down your medical bills, here are five things that may help.

File an Insurance Claim

Depending on the cause of the accident, there could be a party responsible, in which case their insurance should pay for your medical bills. 

Accidents on the job are covered by worker’s comp insurance, car accidents are covered by auto insurance and so on. See if this applies in your case and, if so, make sure you get the compensation you deserve.

Set up a Payment Plan

Although healthcare providers may send you a bill for a large amount due in a matter of weeks, they’re often flexible on this. 



It’s much better for them if you pay, whether you do that immediately or over the course of several payments. Contact the organization and ask if you can set up a payment plan with them.

Get a Low-Interest Credit Card

With a low-interest credit card, you could pay off all your medical bills, and then pay off your credit card bill at a fairly low annual percentage rate (APR). 

If you have a good credit score, you may even qualify for a 0-percent APR credit card, which allows you to pay no interest if you pay the full balance within the card’s introductory period.

Hire a Personal Injury Attorney

When someone else is responsible for your medical bills, the hope is that you’ll be able to file an insurance claim and get your compensation in short order, but that doesn’t always happen. 

If not, it can help quite a bit to hire a personal injury attorney like Goldberg Michael Attorney At Law or someone similar, as they can expedite the process and put pressure on either the other party or that party’s insurance company.

Get a Loan

A loan is another option that will allow you to pay off your medical bills, and then pay off what you borrowed over a longer time period. Loans tend to have lower interest rates than credit cards, except the aforementioned 0-percent APR cards.

Paying back medical bills is no fun, but with the right approach, you can keep them from getting out of control. Consider the five tricks above and see which one is best for your situation.

Getting Medical Bills Under Control With Freedom Financial Asset Management

Sudden medical bills or expenses can be forced on us without any option for getting the best value. You can’t simply shop around for the best deal when you’re having a heart attack in the emergency room.

The truth is that you receive the bill in your mailbox some time later and must deal with it after the fact. Unlike comparison shopping on different websites, the amount you have to pay has already been determined. The next couple of steps look like this:

• Try to negotiate down the amount or establish some type of payment plan
• Figure out how you’re going to pay it

Don’t pass up the opportunity to call the hospital or your doctor’s office and try to negotiate down the total bill. Let them know you fully intend to pay. There isn’t a 100% guarantee they will reduce your bill, but if you don’t ask you might be leaving money on the table.

Once you have some type of payment plan in place through discussions with the hospital or doctor’s office, you’ll need to start making regular payments.

These payments are usually made using a credit card with a high interest rate. In fact, a 2015 Federal Reserve report found that 38% of Americans use their credit cards to pay off medical debt.

This is not a situation you want to find yourself in. Freedom Financial Asset Management could help by providing more affordable options for managing debt expenses.

A More Affordable Method For Paying Medical Bills

The same Federal Reserve study found that 46% of Americans would be in a bind if they were hit with an unexpected $400 expense. They would have to borrow or sell something to pay for it.

Not having a plan for how you’ll pay sudden medical expenses can you leave you scrambling. Often, you end up with some of the worst options. There are much better alternatives to pay these sudden expenses.

Freedom Financial Asset Management provides APRs that range from 4.99% to 29.99%. Unlike interest rate alone, APR is the full loan cost. Terms on these loans range from 2 - 5 years, giving you plenty of time to pay off the loan.

There may be an origination fee, which can range from 0% to 5% of the loan value. There’s also no prepayment penalty. Meaning, you can pay off the loan at any time without incurring an additional fee.

This type of loan can be a great option compared to other alternatives such as a high rate credit cards for paying down medical expenses.

If the above sounds a little overwhelming, don’t worry. Freedom Financial Asset Management offers great customer service (they have a Better Business Bureau A+ rating) and will make sure you get the best financing possible for your situation.

Medical Bills And Your Credit Score

Overdue medical bills that are reported to the credit bureaus can have a large negative impact on your credit score. How credit scores are used is in fluctuation right now, but you count on unpaid medical bills having a negative impact.

Even worse than an unpaid medical bill is when a debt goes into collections. This is one of the worst cases and should be avoided.

Another drawback of using a credit card to pay expenses is that it is no longer categorized as a medical expense. This means you’ll lose medical bill protection in the latest iteration of credit scoring (specifically FICO credit scoring).

Freedom Financial Asset Management is not a credit card company and does not have the same draw back when it comes to FICO credit scoring medical protection.

How to Manage Medical Bills When Dealing with a Malpractice Case

When a medical professional makes a mistake, it can lead to immense pain and suffering. It may also make your original condition worse if an infection or diseased body part is not removed. 

In addition to your physical pain and suffering, you may be unable to work or pay your bills. How can you deal with those bills while your medical malpractice case unfolds?

Ask to Defer Payment Until After the Case

In some cases, it may be possible to have your bills deferred until after your case is settled. If you win, the money from the settlement will be used to pay your doctors and other medical care providers. 

Professionals, like those at Otorowski Johnston Morrow & Golden P.L.L.C., know that these will be the first people to pay after the case is over. 

However, if you lose, you can start making payments on an installment basis or make other arrangements to pay your debts.

Creditors May Allow You to Settle Debts for Less

In the event that you paid medical debt with a credit card, it may be possible to settle that debt for less than you owe. 

If a creditor thinks that it won't get paid in a timely manner because you can't work or otherwise make money, it may be in its best interest to simply accept a settlement. 

However, it is important to remember that any forgiven debt could be viewed as taxable income by the IRS.

Government Benefits May Help Pay Other Bills

Government programs may be available to help you pay other bills such as your heat and light bill. 

Food stamps may help reduce the cost of meals for yourself and anyone else who lives with you. Benefits may also be available to help you pay rent or other housing costs to ensure that you don't become homeless while your case is ongoing.

Crowdfunding May Help You Pay Bills

If you don't want to rely on the government for help, you could ask others in your community to pitch in a few dollars each. 

In fact, you could offer to bake cookies, write music or perform other tasks in exchange for the money. Those who offer rewards should provide them after the case is over to ensure that they don't do anything to jeopardize their standing in court.

A mistake during surgery or a misdiagnosis of a physical condition could lead to large medical bills in the future. 

While you have the right to ask for compensation if an error is made, it could take months or years to settle your case. This means that you need to know where you can go right now to get help until your case is settled.

More Than You Can Chew: Tips for Paying Medical Bills

A large medical or dental bill that is more than you can chew is so discouraging. When presented with a super-sized medical bill, it is possible to negotiate with the hospital, doctor, or dentist providing services. The results may be instant, or take some time to achieve, but do not despair. Here are tips for paying medical bills and keeping on top of your finances when the unexpected occurs.

Ask for a Discount Before Receiving a Medical Bill

Ask the doctor, hospital, dentist, or oral surgeon for a discount prior to the service if possible. Tell the provider that you do not have health or dental insurance, or any relevant financial circumstances. For example, if unemployed, living on a small fixed income, or anything else that affects the ability to pay, discuss this before services are rendered. Many providers and health care facilities offer financial services assistance to those in need. Unfortunately, unless the patient informs his or her doctor or institution about financial circumstances, the provider bills without consideration.

Offer to Settle the Outstanding Bill Immediately

When requesting a discount for services, do not accept the provider's initial rejection as the final word. The doctor or dentist needs office cash flow. Offer to pay the debt in full, at the reduced price offered, immediately. Pay the bill with a cashier's check or in cash, immediately after offering to pay the discounted rate. Write “paid in full” on a cashier's check and request a receive stating that the debt is paid when settling in cash.

How to Pay Older Medical Bills

Sometimes the patient's financial condition changes quickly, and he or she may become unemployed shortly after receiving expensive medical or dental services. It is still possible to ask the provider or hospital for a discount. In this instance, contact the doctor, dentist, hospital, or medical facility as quickly as possible to discuss the circumstances. If months have passed since the services were provided, look up the fair price for the services received. Use this information to negotiate a discount. Insurance companies use similar information to negotiate a better price on their subscribers' services.

Arrange a Payment Plan

Occasionally, a doctor, dentist, or hospital will demand payment in full. In this scenario, politely explain your financial circumstances, and request a payment plan. Never provide a credit card or offer to pay the amount owed on a credit card. This action subjects the financially-strapped individual to interest charges required to finance the medical bill. Instead, offer an affordable payment amount. Then, make the payments as agreed.

Pay as Agreed

When offering the provider a discount, or requesting a payment plan over a certain period of months or years, keep your word. Never offer a payment plan that is more than you can afford because this puts personal credit and ultimate settlement of the debt at risk. To make payments on a payment plan as agreed, consider writing checks for each month's payment in advance. Place each check into an addressed envelope, then place each ready to send payment in a calendar file.

Emergency Medical Bills

In some situations, such as an emergency, it is impossible to ask for discounted services. For example, an individual is in a car accident, and an emergency vehicle or ambulance takes him to the hospital to receive urgent care. In such an instance, the individual or his family should contact a personal injury lawyer as soon as possible. Jeffery C. Metler, who has had experience in the field says medical bills, rehabilitation services, lost wages, and the cost to repair a vehicle can all be payed with the help of a personal injury attorney. Never interact with the at-fault driver's insurance company without the benefit of a personal injury attorney on your side.

When it comes to your health, you need the best care possible, and often it comes at a steep price. Don't let your current situation dictate your health. Take action and come up with a way to pay off the debt yourself. Use these tips to get started and improve your situation today.

7 Surprising Ways to Save Money on Medical Bills

There are many unexpected expenses that that can wreak havoc on your budget. Medical bills are certainly at the top of that list. And they always seem to appear when you least likely expect them, or want them for that matter. Fortunately, not all hope is loss. There is light at the end of the financial tunnel. Here are seven ways to save money on medical bills and begin reclaiming your financial freedom!

Call The Medical Billing Company

Before you pay your bill, you should call the medical billing company listed on the bill for information. The company should be able to give you information on your bill and ways to save money on your medical bills.

Check for Errors On The Bill

A surprising amount of medical bills contain errors. In some cases, patients are billed for items that they did not use, or they are billed twice for the same item. Although it may take some time, it is wise to go over each and every bill to check for errors before paying your bill.

Make Sure That Your Insurance Was Billed

Medical billing companies send out bills around the start of each month. However, your insurance check may not have cleared before the bill was sent out. This means that the amount that you owe on the bill is inaccurate. 

Pay The Insurance Rate

One of the leading medical billing companies in Utah advises that If you don't have insurance, ask if you can pay the same amount that the medical insurance companies pay. Hospitals and other medical providers bill self-paying patients differently than they do patients with health insurance. Because of this, it is wise to ask if you might be able to pay this amount instead of the amount that you owe.

Set Up a Payment Plan With Automatic Deductions

If you owe a bit on your medical bill and cannot pay the amount, you should ask to set up a payment arrangement. In some cases, you can save money if you agree to have the fee deducted automatically from your checking account.

Ask About Any Charity Funds That Might Be Available

If you have a modest income, you may qualify for a charity fund that some medical organizations have created. If you do qualify, a portion or your entire bill may be forgiven if you do qualify. It is definitely worth checking into!

Make Sure That The Doctor or Other Health Provider Accepts Your Insurance!

Before making an appointment, make sure to double check. If you go to a doctor outside of you network, your fees may be higher or you may have to pay the entire bill out of pocket.

There is no way to avoid the inevitability of medical bills. We all have to face them at one point or another. While no one is immune to medical bills, following the advice listed above will go a long ways to minimizing medical bill expenses and putting money back in your wallet.