Unfortunately, medical debt is a very tough but very real subject for thousands of Americans. Many court cases relating to Texas bankruptcy have been tied to the medical field. When you or a loved one is already suffering physically, taking care of medical debt feels like adding insult to injury. Avoiding medical debt when at all possible can be one of the most important things you do to protect yourself and your family.
3 Tips to Avoid Medical Debt
- Have health insurance. This is the obvious one, and in this economy – especially if you are unemployed – it can be easier said than done. However, if at all possible, make sure you and your family has health insurance. If you can afford nothing else, get the most basic plan with the highest possible deductible. Should disaster strike, you might end up going into several thousand dollars worth of debt, but at least you’ll be able to have every possible expense past that point covered by insurance. Having health insurance when an emergency happens will keep medical debt manageable.
- Pay medical bills on time. Interest fees can pile up quickly. Do whatever it takes to make the minimum payment, but ideally you should pay the entire bill. Paying off any kind of bill in full, as quickly as possible is always the best route to take with any kind of debt. Unpaid medical bills can be disastrous to your credit score.
- If you have a clearly improving financial situation, or if you are financially stable, attempt to negotiate the terms with your provider. Because so many hospitals see bills that go unpaid, if you can show good faith in paying off your bill, you might just catch a break.
An extraordinary number of Texas bankruptcy cases these days are related to medical debt. Don’t let your family have a similar story. Heed these three tips to avoid medical debt and you and your family can be at ease.