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How To Deal With Medical Debts

Apr 25, 2008
Many Americans do not appreciate that is not credit card, or mortgage debt, that is the biggest factor in people filing for bankruptcy. Medical debts are the biggest single cause of the American public seeking the protection of the bankruptcy courts.
It is always wiser if possible to avoid filing for bankruptcy; your best option is to always avoid medical debts of possible. Of course, unfortunately nobody ever knows what lies around the corner, when it comes to personal health

There are a few tips that can assist in avoiding serious medical debt situations, take a moment to read through the information below to see if it can assist you.

The best option always as to avoid medical debts as far as possible, by staying as healthy as possible. Excessive drinking and smoking as well as a general unhealthily lifestyle can lead to multiple serious complications. Improving your general attitude towards your health can pay massive bonuses not only in personal well-being but also in terms of possibly saving huge amounts of money in long-term medical payments.

Any kind of health regime can be a huge benefit in the long-term especially as we get older. An investment now in personal health can pay off massively by avoiding medical debts in the future. Unfortunately, for many Americans this opportunity has already passed them by, and those people need to seriously consider their options.

One mistake that many people make is to transfer their medical debts onto high interest loans such as credit cards. Generally speaking, the rates of interest charged by medical services will be well below than that charged by a credit card company. Therefore, a credit card or similar arrangement is not a practical way of settling medical debts.

Another reason not to transfer your medical debts onto a credit card is that it will greatly reduce the possibilities of you receiving Medicaid. The reason for this is that Medicaid is largely based on your gross income. As such, only medical debts lower your average gross income, increasing the possibility of receiving assistance. If you transfer the bills onto your credit cards, they will not be counted in the same way.

If you have difficulty making the proposed hospital or other medical payments attempt to negotiate a payment plan that will suit your budget better. There are consultants who are experienced in negotiating on your behalf, with medical companies. They can negotiate lower payments and possibly a reduced total amount owed.

You should however keep in mind that these companies are not charities they work for a profit.

If you do negotiate a payment schedule, it is important that you stick to those arrangements. Late or missing payments will incur fess and also interest charges, as well as damaging your credit history.

There are many organizations and charities who offer free assistance to people who are having problems with their medical bills. These organizations such as churches and other community groups are often in a position to at least give free advice and possibly offer financial aid.

You can also consider applying for Medicaid, which is funded by Federal and State departments. Although all States offer Medicaid programmes, the details vary from one State to another, so it is important that you contact your own individual State department.

Your final option and in many cases the most viable, is to consider taking out a debt consolidation loan or an equity release loan. These types of financing offer a low interest with many years to pay and can provide a low monthly payment. Which may be your cheapest option for paying off your medical debts.
About the Author
Joe Kenny writes for TFGI.com, visit them today for debt help or Rebuild.org for debt relief and to debt consolidation.
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