If you have been seriously injured or have become very ill, you may have mounting medical bills. Everything from surgeries to lab tests, therapy and more can cost a small fortune, and the expenses can quickly add up. When medical bills are arriving in your mailbox, it is easy to feel overwhelmed and stressed out. However, there are some steps that you can take to deal with these bills in a way that is manageable for your budget.
Seek Legal Advice
If your medical bills are the result of an injury that was caused by someone else’s neglect, you may be able to receive compensation. Through a lawsuit, you could obtain funds that could be used to pay for the medical expenses. You can speak with a lawyer like Marc Johnston if you have suffered from a personal injury due to someone else’s neglect.
Communicate With Billing Agencies
Many of the medical bills that you have received may be hundreds or even thousands of dollars, and it may be impossible for you to pay these off all at one time. Many medical service providers and billing agencies will work with you to structure an affordable payment plan. While some invoices state that the full amount is payable upon receipt of the invoice, many billing agencies will allow you to set up a monthly payment plan upon request. However, keep in mind that you may need to make the regular monthly payments in order to keep your account in good standing and to avoid having your account sent to a collections agency.
Apply for a Personal Loan
Most billing agencies and medical offices want you make a minimum monthly payment to them each month, but there are some instances when you have too many medical bills with too high of a minimum payment requirement. If your total minimum monthly payment is too expensive for your budget, you could apply for a personal loan. Many medical billing centers want the balance paid in full within six to 12 months, but a personal loan may extend for several years. This can make your payments far more manageable.
Cut Back on Personal Expenses
Cutting back on personal expenses may be necessary when you need to pay off expensive medical bills. Consider eliminating some of the frivolous expenses for a period of time, such as eating out at restaurants and going to the movies in the theater. If you still need to cut back, think about eliminating cable TV or reducing your cell phone plan for a few months until your expenses are more manageable.
Refinance Your Home Mortgage
For very high medical bills, you may be able to tap into your home equity by refinancing your mortgage. If you have equity in your home, this may be a manageable option for you. You may even be able to pay off all of your medical bills if you have access to enough home equity.
Get a Part-Time Job
Another idea that may be suitable for some people is to get a second job. A part-time evening or weekend job can provide extra income for a few months until your medical bills are paid off. Part-time job ideas may range from babysitting kids in the neighborhood to working at a restaurant or retail store.
While it is easy to feel overwhelmed with so many outstanding medical bills, it is important that you analyze all of the options and communicate your intentions with the medical companies and billing agencies. These tips can help you to more easily pay your bills and avoid having your credit rating damaged as a result of your medical expenses.