Why are hospital bills so difficult to deal with?

This bill is usually unexpected expense that many people have trouble finding the money or resources to pay them off. Making matters worse, when they try to work out a payment plan with the medical provider, oftentimes they run into a brick wall, and before they know it-they are receiving harassing phone calls from credit & debt collection companies. Unfortunately, far too many consumers file bankruptcy to get rid of the debt they owe without investigating any of the debt programs available to them.
One of the leading alternatives to bankruptcy for consumers who fall behind on their medical bills is debt settlement. This type of debt consolidation program involves negotiating with hospitals to reduce the balance that you owe. Even with the fees charged by the debt reduction company, you can pay off your health care bills for far less than what you owe. To speak with a representative from one of these services, fill out a form and receive a free, expert consultation!

Another payment solution that some people turn to in this situation is consumer credit counseling. This type of debt service involves consolidating your payments into one low monthly bill, and in the case of credit cards, lowering your interest rate. The problem with this for hospital bills lies in the fact that the main advantage a lower APR does not apply since medical debt rarely incurs interest. This being the case, many patients who explore this debt assistance for hospital bills find that they are rarely in the position to afford the payment plan created for them. Of the two options, debt settlement typically makes a lot sense for unpaid bills, particularly if they are with a collection agency.

The final alternative you should consider is reviewing the invoice or statement to check to see if you were over-billed for the services you received. This is highly possible, particularly if you notice double-billing or $10 charges for Aspirin. If this is the case, address it with the hospital itself to see if this will help to lower your bill.

Do past due hospital bills affect your credit score negatively?

In most cases, your medical provider will not report late payments to the credit bureaus. That being said, if your debt is forwarded to a collection agency it is highly possible that they will, however.

What effect does settling a medical debt have in the long-term?

This depends on your individual circumstances. If your debt is reported as “settled” to the credit bureaus, it will likely affect your credit rating negatively. Also, before one negotiates a hospital bill, they should keep in mind that as part of the settlement agreement, the hospital may require the patient to never use their services again.

Why shouldn’t I just take out a hospital consolidation loan using my home equity?

Think about the risks associated with this if you miss even one payment you could potentially lose not only your home, but also your biggest investment. When there are so many bill help options out there that can help, why accept such a big risk?

Are there really credit cards for paying your medical bills?

Yes, GE offers these types of credit cards. Much like the example above, however, “Robbing Peter To Pay Paul” rarely makes sense. In this scenario, you are consolidating your zero percent interest medical bills into credit card debt that is charged at interest in excess of 20% in many cases. From a financial & credit standpoint, this is illogical.

Where can I go to talk to someone about what my options are?

All you need to do is submit an online application with PayingPaul.Com and we can match you instantly with a pre-qualified provider of medical debt management programs. Start now!