Tips for managing medical debt while protecting your credit

Tips for managing medical debt while protecting your credit

| Mar 11, 2021 | Uncategorized |

Many people in Landover may have experienced significant health issues in 2020 and thus may have racked up a good deal of medical debt that they simply cannot cope with. Unpaid medical debt can derail a person financially. The following are some tips for paying back medical debt in a way that is financially feasible and protects your credit.

Take a second look at your EOB

According to experts, 80% of medical bills contain mistakes or incorrect charges. It is important to review your explanation of benefits (EOB) to look for issues in services or pricing. If you note a mistake, talk to you provider or insurance company to resolve the problem.

Talk to your medical provider

Sometimes it can help to just be honest that due to your medical condition, you cannot work and thus cannot pay your bills. Your provider’s billing office may be able to offer options to help you pay down your debt in a manageable way. For example, you may be able to have your payment deferred or enter into a payment plan that allows you to pay an affordable portion of debt over time.

Consider a consolidation loan

Some people drowning not only in medical debt, but other debts as well, may want to consider a consolidation loan that covers all their liabilities. This means you will only be responsible for one monthly payment instead of many.

Improving your credit

You can avoid damaging your credit by being consistent over time. Make payments on time, pay off your balance if you can and periodically request an increase in your credit line. Over time, these measures can protect your credit.

Learn more about debt relief

Ultimately, this post is for informational purposes only and does not contain legal advice. Those with medical debt may have debt relief options not discussed in this post. To learn more about debt relief, we encourage you to visit our firm’s website for further information.