Paying for unexpected medical expenses can be challenging, especially in today’s environment. The COVID-19 pandemic has worsened the financial situations of many individuals and families Whether it’s treatment for car accident injuries, a broken bone due to yard games, or a viral illness, medical costs can put a strain on your finances.
Figuring out how to pay for these expenses can wreak havoc on your stress levels. Fortunately, there are options for you to consider. Below, we’ll discuss some of the most common.
Negotiate with Your Medical Provider
Often times, you may be able to reduce the amount of medical bills you owe by talking with your doctor’s billing department. They may have payment plan options for low-income families. You may also be able to ask them if you can pay the insurance rate, rather than the standard rate. Many hospitals are willing to work with individuals to come up with a solution that works for both parties.
Check Insurance Coverages
If you sustained injuries in a car accident, in a rented property, or on business property, it’s possible there may be an insurance policy in play that covers medical expenses. In cases of serious injuries caused by someone else, you may want to consult with an injury lawyer. For example, if you were injured on a business’s premises in Queens, NY due to their negligence, you could be able to file a Queens personal injury claim to recover funds to pay off your medical expenses. A successful personal injury claim may also cover lost wages caused by your injury.
Research Loan Options
If there are no applicable insurance policies and negotiating doesn’t work, the next option to consider is looking at private loan options. You may be able to qualify for a personal loan depending on your credit score. Microloan platforms may be another option for those with weaker credit scores.
Look Into Crowdsourcing
Some individuals have turned to crowdsourcing platforms like GoFundMe or Kickstarter to raise money for medical expenses. Some are more successful than others depending on the specific circumstances, but this could be a good option if none of the prior steps have helped.
Consider Bankruptcy As A Last Resort
The last way to deal with overbearing medical expenses is to discharge them through bankruptcy. While this can erase your debt, it will also have a long-term impact on your credit score and ability to borrow. You will want to discuss your situation with a local bankruptcy lawyer to help you determine if bankruptcy is right for you and to ensure you’ll discharge all current medical debts.
Paying for medical expenses can be a challenge, but there are options for you to consider regardless of your income. Knowing your options will empower you to make the right decisions for your unique situation.