Helpful Advice on Paying your Medical Bills

Medical bills are sometimes high and difficult to pay, especially because few people make budgetary plans for it, and also due to the “not always favorable” medical insurances available.

For those without a “strong” medical insurance and “very attractive” monthly income, here are some helpful tips and advice on paying your medical bills.

Pay by installments:

In most cases, paying by installments always seems to be the wisest decision to make. Most hospitals have no problem with payments by installments, especially when both parties have put it down in writing and have placed signatories on it. Private and public hospitals both allow this kind of payment.

Paying by installments will really help you stay in a comfortable financial state within each period. Instead of paying a very big amount at once and get a very low credit score and high debt-to-income ratio for that month, it is advisable to spread these payments into different several months, and pay these debts “unconsciously”.

When you are faced with a high medical bill that would greatly affect your financial state, simply discuss about paying in installments with either the hospital chief medical director or chief accountant, as the case may be. They may demand your debt-to-income ratio or credit score to know whether you are in a good financial position to maintain everything stated in the agreement.

If your debt-to-income ratio is too high or your credit score is too low, most hospitals would be hesitant in granting such a request.

Hospital bills are open to discussion:

We discuss and negotiate almost anything in our world today, hospital bills are no exception. Discussion of hospital bills for possibilities of reduction is more common in private hospitals. However, some public hospitals don’t frown at negotiation of bills. Apart from fixed bills like hospital registration, hospital card fee, and the like, other bills can be discussed for any possible reduction.

Such discussions help to reduce the amount to pay. You can be made to pay $4200 instead of $4500. A difference of $300 is quite valuable to most income today, and may go a long way in preserving your good financial image.

Also ensure you are properly billed.

Use your medical insurance:

Medical insurances don’t mostly cover every medical expense. Some medical insurance are “weak”, while some can be referred to as “strong”.

Whether your medical insurance is weak or strong, it should be the first thing to consider for paying your high medical bill. If you work in a company that offers medical support or pays medical allowances, you can also take advantage of that.