No one can avoid medical problems forever. At one point or another, something’s likely to happen to you or someone in your family that requires medical attention, which can often lead to large medical bills. Even with insurance, medical expenses can often be astronomically expensive.
Especially if you’re already having a hard time making ends meet, you might not know how you can possibly handle paying off a large medical bill that came at you by surprise. So to help you figure this situation out, whether the medical bill was a result of injuries sustained from a car accident or from a scary medical diagnosis, here are three things you should do once you receive a large medical bill.
Double Check All The Charges
As soon as you receive your medical bills in the mail, Patty Lamberti, a contributor to Money Under 30, shares that the very first thing you should do is go over the charges in detail. It’s necessary to double check all the charges that are on the bill to ensure that they’re correct.
Whether intentionally or unintentionally, medical bills are often incorrect and will charge you for things that you didn’t have done or weren’t applicable to you. If you notice something like this on your bill, you can dispute those charges to get them taken off, saving you a lot of money in the process.
Try To Negotiate Your Bill Down
Once you’ve ensured that everything you’re being charged is correct, the next thing you should try to do is try to negotiate your total bill down to a lower amount. If you want to try this tactic, Amy Fontinelle, a contributor to Investopedia.com, recommends that you speak with the healthcare provider’s medical billing manager. This person has the authority to remove or reduce charges.
When speaking with this person, ask if there’s any way they would be willing to negotiate the costs down with you. Suggest things like a cash discount, a discount if you pay a few lump sum payments, or discounts for benefits you qualify for like for senior citizens or military veterans.
Figure Out What Payment Option Will Be Best For You
When you have the final amount that you’ll be required to pay for your medical bills, it’s now time to figure out the best payment options for you. Depending on your financial situation, the ideal payment options will vary.
According to Sean Pyles, a contributor to NerdWallet.com, some payment options that you might want to consider include setting up a payment plan with the healthcare provider’s billing department, using a credit card to make payments, or simply dipping into your savings or saving more each month to afford your payments.
If you’ve just received a large medical bill, consider using the tips mentioned above to help you know what the next steps you should take are toward settling this debt.
