“Much of the debt we get into we can control, like loans and credit cards. But medical debt is often unplanned, although there are a few ways to mitigate the pain of those bills,” Fox News Atlanta reports.
The bade news is that 25% of Millennials and Gen-Xers have medical debt. The good news is that credit bureaus now give you a break on that type of debt. “You have longer to pay it off before it impacts your credit score. And once you’ve cleared up what you owe with a collections agency, the credit bureaus remove it from your credit score equation.”
The article quotes Tara Alderete from ClearPoint, a non-profit credit counseling agency who says you can actually control your costs before you even have a procedure.
“You should actually negotiate that. Research and find out what different providers are going to charge for the same service. I know it sounds silly with medical, but it’s true. And then when you are armed with that knowledge you say, ‘Is this the best that you can? Or, ‘If I can pay this off today, do I qualify for a discount?’ On the front end.”
After you get the bill, she also suggests should also try to negotiate it down.
Tell the biller that you will pay the bill without delay – even before the procedure if you can – for a discount. If it’s a bill you can pay off at once, tell them you’d like a payment arrangement. They’ll often do it without interest, but your payments have to be prompt.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.