Life poses different challenges in front of everyone and medical emergencies are among them. How do you plan to handle these medical emergencies? Medical emergencies require your attention on dual fronts. First, you need to recover from the accident, and then you need to handle medical bills incurred during your treatment.
Medical bills can cripple your personal finances!
Major medical treatments can damage your credit score for several years to come. However, there are some tips that can help you manage these financial disasters in an efficient manner.
5 Tips to Handle Medical Emergency Bills
- Choose a medical credit card: Some financial institutions offer finance for costly medical procedures. Moreover, they provide an interest free repayment period of 12 to 18 months. The key is to make all the payments in time and save any interest from other financial loans. However, make sure to ask for the rate of interest after the promotional period. There are some financial traps, which might cost huge interest after the initial interest-free period.
- Opt for a personal loan: Personal loans can help you save higher interest rates. You can choose personal loans that are offered with a fixed interest rate and monthly payment. You would be aware of the regular monthly payment and the interest rate. It will help you maintain a healthy credit score as well.
- Consult hospital for a payment plan: You can request your medical provider for a payment plan. Some medical providers offer payment plans with zero-interest rate (or low rate) and allow you to make the payment in installment. Make sure to get the agreement in writing to avoid any disputes in future.
- Negotiate the bill: If you are able to bear most of the treatment cost, it might be helpful to negotiate the bill with your medical provider. Many patients discuss discounts after the treatment, although it is best to do so before the medical procedure. You might get a relaxation of up to 10 percent and make sure to get the agreement in writing. At the least, try to get a payment plan from your personal provider.
- Charge low interest credit card: Do you have a low interest credit card? If none of the other methods seems viable, it might be the last choice to charge your credit card. However, make sure to consider the variable interest rate of the credit card. Try to plan the repayment in 3 years or less. You might end up paying more with a variable interest rate and long repayment duration.
Do you have some personal experiences with huge medical bills? Share your experiences with our readers!