Oftentimes, especially for those who have less-than-adequate insurance or no insurance at all, medical bills can be daunting and can drain you of your savings. However, paying your medical bills on time is important so your credit and financial status is not compromised; nearly half of all bankruptcies filed are the result of medical bills. By taking the time to understand your medical bill and the options you have for paying it, you can avoid financial difficulties that may result.
What Do I Do When I Get My Bill?
Once you receive your bill, make note of the following:
Make sure the dates of service, the description of services, and anything else are accurate. It is not uncommon for bills to be wrong – you could be charged for services you didn’t receive, or a simple typo or keystroke error could add a ‘0’ to your bill, making it more than it actually is.
Make sure you understand what your insurance covered. If you feel there has been a discrepancy, contact your insurance company and have them explain it to you.
File away all receipts, Explanation of Benefits, and bills so you can access them later if necessary.
If there are no discrepancies, you will be responsible for the remaining balance on the bill. Usually, you will have 30 days to pay the doctor’s office before you begin accruing late fees or before you are sent to collections.
Making Sure the Bills Get Paid
Life is often hectic, and it’s easy to toss medical bills aside or put off paying them. However, staying organized is an important factor in paying your bills on time. There are several things you can to make sure you remember to pay your bills on time:
Set up automatic bill pay. If you’re on a payment plan or your bill will need to be paid in more than one installment, many banks will allow you to set up an automatic bill paying system. With automatic bill pay, your bank automatically deducts the amount of your bill, usually a fixed amount set by you, and pays the collector for you on the same date each month. This is advantageous because you never have to worry about getting a late notice.
Get a Calendar. If you have a calendar, mark bill due dates and days you need to mail the bill in order for it to arrive on time.
Designate a special spot for bills. This way, they are all in one spot and you decrease your chances of losing your medical bills.
What If I Can’t Afford It?
Sometimes, your bill may be more than your financial circumstances allow you to pay at the time. If this is the case, you have several options:
Ask about uninsured discounts. Many doctor and dentist offices give discounts to patients who are uninsured. This could be a substantial amount, so ask to see if they will discount your services on account of being uninsured.
Talk to the financial services department. Most doctor’s offices will let you set up a payment plan. This could include anything from cutting your bill in to two parts and allowing you to pay half now and half later, or it could be more detailed, such as an arrangement that allows you to pay $50 a month until the balance is paid. In many cases, hospitals and doctor’s offices will be understanding. They want their money, and as long as you make an effort and show a desire to pay the balance, they will be willing to work with you to help you pay your medical bills in a way you can afford to do so.