By : Rianne Hunter
The cost of medical care today is very high even for small procedures. Medical emergencies can drive a family into debt in a short amount of time. The need for continuing treatment can keep the bills coming month after month. There are some ways to start paying down the bills, though. Families could consider the following four options when medical bills are piling up.
Negotiate With the Provider
There are some situations where it might be possible to negotiate with healthcare providers to lower the bills. Some providers will lower costs if certain charges are contested. Families who are experiencing short-term hardships like temporary loss of income can sometimes negotiate a reduction in medical bills. It is also sometimes possible to negotiate an affordable payment plan that has low monthly payments although this is normally only done once treatments are complete.
Cut Back On Household Expenses
Saving money on household expenses every week can make more money available to pay down medical bills. Unnecessary household expenses like expensive cable plans or other services can be reduced or eliminated. The family can budget for smaller grocery bills. Driving less can save on gas costs. Cutting back on household expenses is not always easy, but it can save enough money in some situations so that the debt from medical bills does not lead to bankruptcy.
Short-term payday loans can help families to get ahead of medical bills. These loans provide a cash advance that is withdrawn from the next paycheck. The loans last only a single pay period in most cases. One employee of a company that offers these loans has said that they often provide the money faster than traditional banks that have extensive approval processes. Payday loans can provide the extra money needed to pay for mounting medical bills immediately. However, the employee also suggested that families consider their ability to repay such loans carefully before borrowing.
Sell Personal Assets
One final option for some families is to sell personal assets. This is not a long-term solution although it can help with immediate medical bills. Personal assets like jewelry, a second car or old appliances can provide enough money to prevent medical debt from becoming overwhelming. It is important to consider the effects of selling items like cars that might be providing valuable benefits to the family.
Ignoring accumulating medical bills is never an option. Unpaid bills can accrue fees. They can also start to affect personal credit when passed to a collection agency. Families should always consider all available options when facing rising medical bills.
Rianne Hunter is a wife, mother of three, and an independent blogger who writes on family finances and many other topics. She recommends companies like www.PowerFinanceTexas.com for finding payday loans near Arlington and around Texas.