One of the unfortunate aspects of medical debt is that it is often a source of overwhelming financial burden. Even a short trip to the emergency room can leave you thousands of dollars in debt. While filing for bankruptcy is one way to resolve medical debts, there are some things you can do to try and prevent medical debt.
While we can’t always plan for accidents, we can be prepared for the unexpected. Avoiding medical debt, or at least minimizing it, can be achieved by having medical insurance. While not all health insurance providers offer full coverage, coverage for certain conditions or even affordable premiums, having some level of health insurance is beneficial. If you can’t afford private health insurance or have been denied coverage, consider applying for state or federally funded health insurance programs.
If you are one of those people who are underinsured or uninsurable due to pre-existing conditions, you aren’t left out. One of the best things you can do for your insurance situation is to have your own health savings account that can be used to cover medical bills as they arise. Saving money for the sole purpose to be set aside to cover medical expenses is a must if you cannot obtain coverage nor have a policy that only covers the basics.
For those who may have already experienced the unexpected and now have medical debt, you still have some recourse. First, find out what wasn’t covered by your insurance provider and why. Second, gather your medical records and speak with your Doctors about the medical necessity of your procedures. Those that were considered medically necessary or emergency services can be appealed with your insurance company. Write a letter to your insurance provider asking them to reconsider coverage. Last, negotiate with medical debt providers. Often times they will work with you by lowering the amount owed using the “non-insured rate”.