When you know exactly how much you owe on your medical bills, you have a few options for paying the remaining debt (assuming you don’t have the cash to pay it in full):
1. Ask the medical provider to set up an installment plan:
Most providers will let you pay this way, assuming you don’t owe a large amount and it wont take a long time to pay off. Make sure to check your budget and sort out a way to fit these installments into your monthly plan.
Determine the terms and conditions of the installment plan before you agree to it. For example:
- Will you be charged interest? If so, what will the interest rate be?
- Are there any fees associated with the agreement?
- When will you be considered in default of the agreement, and what will happen if you are?
Some doctors and hospitals will not provide additional care to patients who have outstanding debt, even when they’re paying off that debt through an installment plan.
You can also consider paying your medical bills with a credit card or get a bank loan, but if you are already in debt we don’t suggest taking more credit.
2. File for bankruptcy:
Depending on your overall financial situation, you may be able to get rid of the debt completely by filing for liquidation.