Even with health insurance, medical debt can still get expensive. The Kaiser Family Foundation reported that one in five working Americans claimed they had trouble paying medical bills in 2016. Fortunately, consumers in Mississippi have ways to get medical debt relief.
Negotiating debt and in-house financing
Doctors and health care facilities would rather debt be paid in full, but that can not always be done. Negotiation involves agreeing to a payment method and what the debtor owes. In some cases, a debtor with a good history of payment may be able to get their bills reduced.
Getting a reduced amount sometimes works for debt that have been turned over to collections. However, the debtor likely has to negotiate with the agency at this point. Bills that get turned over to collections often decrease credit scores. If the creditor does not agree to reduce the bill, the debtor may be able to negotiate an affordable payment plan.
Some facilities may offer an in-house financing payment plan with interest. These plans commonly don’t require good credit scores.
Some debts could be consolidated, or combining of all debts so the consumer makes one monthly payment. This can commonly be done with a credit card with a 0& APR introductory rate. The period should be long enough to allow consumers time to pay off debts.
Personal loans may also be used to consolidate debt. Consumers with good credit scores usually get a lower interest rate.
Debtors who meet the income requirements can get relief through Medicaid. The debtor must show proof of income through bank statements and a list of expenses. If the debtor’s financial status changes, they have to report it or risk losing benefits.
The debtor doesn’t have to settle the debt themselves if it makes them uncomfortable or the creditor won’t cooperate. An attorney may be able to negotiate medical debt and settle disputes.