Best Ways to Deal with an Overwhelming Hospital Bill

Whether you need emergency treatment or have a planned visit, getting the hospital bill in the mail can be a shocker. Even with health insurance, you may find yourself stuck owing a lot of money. Emergency procedures, specialized treatments, and physician visits can add up quickly, even if you are only in for a few hours.

If you’ve received an overwhelming hospital bill in the mail, don’t panic. Below we outline some ways that you can deal with the high cost of medical care.

Review Your Bill

A hospital bill can have errors. You may have been billed for services or treatments that you didn’t receive. An improper medical code may be charging you more than what you should be paying. Check the dates to make sure you were still in the hospital when the receiving treatment. Be sure to thoroughly review your invoice and speak to the hospital’s billing department if you have questions or see inconsistencies.

If you have a planned visit to the hospital, such as when you have a baby, be sure to keep a log of what services you, or your loved one, received. Ask questions of the nurses and physicians when they are administering treatments or providing services, such as X-rays or MRIs. By keeping a written log, it gives you a tool to double check the hospital bill when it comes in.

Ask For Help With Your Payments

Some hospitals may offer financing programs to lower-income individuals and families who do not have insurance or still have a balance due after their insurance coverage kicked in. You may be asked to complete an application and submit tax returns, paycheck stubs, and other proof of income. Some hospitals may even offer a bill reduction plan, based on your income or other factors. Ask the hospital to see what options may be available to you.

Work Out a Payment Arrangement

Hospitals work with uninsured and underinsured families all of the time. If you are unable to pay your hospital bill in full, ask about a payment arrangement, specifically one that doesn’t carry interest. Many hospitals offer some form of monthly payments, so be sure to find out what programs they have in place.

Be sure to review your monthly budget to determine how much you can afford each month. If the hospital asks for an installment payment that is higher than what you can afford, don’t be afraid to negotiate this down to a lesser amount.

Some hospitals may offer payment arrangements that provide some form of debt reduction. While these may carry a monthly interest charge, it can be highly beneficial for you if they are willing to forgive part of your balance due.

We can’t always avoid the trip to the hospital, but we can do something about what we owe. Be sure to address the debt as quickly as you can. Don’t ignore it or put it aside, even if you can’t pay it. Always keep in touch with the hospital. The effort you show in attempting to pay your bill can go a long way if you are looking to negotiate a payment plan or debt reduction.

Pay With a Credit Card

Paying hospital debt with a credit card is usually not the best option for you, as most credit card companies charge a much higher interest rate. However, if you are able to obtain a zero-interest credit card, this may be a viable option. Just be sure to understand how long the interest rate will remain at zero. If it increases before you pay your debt off, it can cost you a good amount in interest payments.

Take Out a Loan

If you have a strong credit score, you may be able to take out a personal loan at a bank. If your loan has a lower interest rate than what the healthcare facility would charge you, a personal loan may be a great option.

With hospital bills skyrocketing, families are often left with a sizable debt to pay. Even if you have insurance, you may still owe. By being proactive, you can be successful in managing what you are billed for and how you will make monthly payments.