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What To Do With Emergency Medical Expenses, College Tips
If there is one thing that can put a huge dent in your budget, that would be emergency medical bills. And even with insurance, you would be surprised that your remaining balance is still hefty. Don’t worry, we understand what you are feeling right now. We’ve been through that and that is why we believe writing an article such as this could help you big time.
Let’s answer what are the best things to do with an emergency medical bill.
Here’s a truth bomb. Even if you are young and healthy, that doesn’t guarantee that will never have emergency medical bills.
Have you ever heard of accidents?
Recheck If All Charges Are Correct
First of all, you need to be vigilant in checking your medical bills. Unfortunately, we’ve heard some horror stories where patients were overcharged. Don’t be part of that statistics.
See the medications and even the room charges. Sometimes, you are charged for the whole day even if you left in the morning.
Simply put, check every line item.
Take Your Bills Seriously
We understand that you still have a lot of catching up to do being a college student. But that doesn’t mean you should ignore your medical bills. As early as you can, take care of it. Otherwise, your collectors will keep on calling you. And yes, your credit score will be badly affected.
Avoid Using Your Credit Card
This is another mistake that most college students commit when paying their medical bills. They usually pay it using their credit card.
But if you will take this approach, do so with caution. We all know that credit cards have a high-interest rate. And with that, you might drown in debt.
What you can do is negotiate your medical bills. If possible, set a payment plan so you can make smaller payments in the meantime.
If you must know, medical bills do not have an interest, or at least they offer low interest.
Negotiate For More Discounts
Yes, you can still negotiate for more. There are other hospitals and doctor’s offices where they will give a huge discount if you plan to pay your bills within 30 days.
Doing your research is also necessary. You can check the same services from other hospitals and assess if the fees can be adjusted.
Look For Financial Assistance
Know that you can get financial assistance, and there is nothing to be ashamed of. People do it all the time but you have to do a lot of paperwork.
Get A Loan
This should be your last option. But if you need to get a loan, look for a credible provider which will offer low-interest rates. This is way better than charging it to your credit card.
Speak To Your Collection Agency
If in case a collection agency is already involved in the picture, then you should not avoid them. It will make your problems worse. Talk to them and see if you can negotiate the balance.
Know your rights as well. For example, your collectors can’t call you all the time. There must be limitations. They couldn’t threaten to sue unless there’s a valid reason. And they cannot threaten that they will share or tell others about your debts.
Just in case your collector is harassing you already, you can always record your phone call.
Offer them what you can pay and most likely, they will accept it. And once you are making payments, have everything documented.
Your Credit Score Will Be Affected
You have to be prepared. Once your hospital bills are with collection agencies, it can affect your credit score. So again, do whatever you can before it reaches them.
How To Improve Your Credit Score In The Future
Meanwhile, there are a few things you can do to improve your credit score.
- Ensure that you will pay bills on time.
- Charge your bills to your credit card BUT pay it in full every time.
- Try to limit your requests for new credit.
- Keep your old accounts open and fix your shortcomings.
Look For Health Insurance As Early As Now
Also, before you even get into an emergency medical situation, look for health insurance that is right for you. No one is ever prepared for accidents or similar incidents. It’s better if you have something that could help you when the time comes.
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