Can I Settle Medical Debt?
Should You Do It Yourself Or Get Help?

You may be asking yourself, can I settle medical debt, and if so, should I go it alone or get help. Accumulating a large debt burden due to medical hardship is one of the most frustrating ways get in trouble financially. The good news is that many physicians, hospitals and other medical providers are more willing to settle medical debt these days than ever before.

It is very sad to think that millions of families end up having to file bankruptcy every year just because of the magnitude of their medical bills. Seeing that pile of envelopes arrive in your mailbox everyday can be overwhelming for people who are already experiencing the frustration and financial stress of having a medical condition.

Medical Debt Equals Financial Stress

Medical debts are not just for people who don't have health insurance. In fact, many people who do have reasonably good health insurance still experience debts related to medical conditions because the insurance company doesn't pay at 100% of your medical bills. This causes undue financial strain and often leads to money struggles for many people who are already consumed with trying to find a treatment or cure for their condition. Not a good situation to be in.

Can I Settle Medical Debt with a Debt Settlement Program

Some experts recommend using a debt settlement program to handle medical bills beyond your ability to pay. They will negotiate with the medical provider for you and try to reach an agreement you can live with. Of course, you can also do this yourself without the added expense of a third-party negotiator. Your goal is to reduce your medical debt by as much as possible and to get the medical provider to agree to a debt repayment plan that will work for you to stay within your personal budget limit. Sometimes, you can cut the overall total of your bill by as much as 50% by negotiating directly with your provider.

Many people end up filing bankruptcy each year simply because of their medical debts put them into an untenable financial position. This is an unreasonable and unnecessary occurrence as most medical providers are willing to work with you as long as you are willing to agree to reasonable repayment plan and stay committed to it until repayment is completed.

Can I Settle Medical Debt on my Own

A lot of people tell you that their own personal experiences negotiating with medical providers was much easier and straightforward than any attempt to negotiate a reduced principal with your credit card company or mortgage holder. I have personally been successful in negotiating a reduced medical bill myself.

The reality is you might find your doctor’s office is more sympathetic to your financial situation since they know about and have worked with you on your medical condition, but don’t count on it. And finding a hospital with a heart is not likely either. Doctors and hospitals are most often willing to negotiate with you simply because it is easier for them to do so, especially when they see a real chance to recover at least some money. It is usually more expensive for them to hire a collection agency than it is to deal directly with you.

If you do decide to work with a debt settlement company, it is very important that you choose one which is reputable and has a good track record as they will be reviewing your personal financial situation and looking over your medical bills. There are lots of scams online, so do your research in advance of signing up with any company.

Debt settlement companies are experts at dealing with billing departments at doctor's offices, hospitals, collection agencies and other entities who do medical billing to consumers. They also understand your state's laws and regulations as they relate to medical debt collection.

Work With Your Provider

Of course, if you're wondering, can I settle medical debt myself, then you need to know that it is definitely possible to work directly with your doctor or hospital on your own. Most of the time, as a medical bill ages, the doctor's office or hospital will go ahead and place it with the collector. They don't typically have their own in-house collection department. You stand a better chance of negotiating directly with a sympathetic ear if you make the first contact with the provider prior to the bill going to collections.

The first thing you need to do when you want to settle medical debt is to contact the billing department that has your file and try to work out some kind of a monthly payment plan that will work within your budget. You might also suggest that you can pay off the total amount if they are willing to reduce to overall total dollars billed to you. In other words, offer some kind of a lump-sum payment to see if you can wipe the slate clean.

It might seem like a very daunting task to have to talk with medical debt collectors on your own and try to negotiate a deal. However, you should know that they deal with this sort of thing every day and are typically willing to work with you in some way. The key is to be forthcoming and proactive in your approach to dealing with them.