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Steps to deal with medical debt

Tennesseans are just one medical issue away from a pile of medical debt. Once it strikes, a person has two problems: their health and their finances. To help with the finances, keep reading.

The first thing is to keep a careful eye on the medical bills. Those bills often contain mistakes, many of which will cost you more than you owe. Maybe the hospital charges for a full-day stay when you only stayed at the hospital for a few hours. Or, perhaps the hospital charged for a drug that it did not give you. Or, maybe, they double-billed you. These (and other) mistakes are easy to overlook, especially given the amount of paperwork that comes with a hospital stay.

The next step is to scour your insurance policy. It may cover certain charges that your hospital and insurance provider may not have realized. To figure out what your insurance covers, compare your insurance's explanation-of-benefits material with the codes on your medical bill.

From there, consider trying to make a deal with the hospital. Often, hospitals will discount the bill if you cannot pay the full debt. The key is to act nicely and to explain why you cannot pay the full rate.

But, even if Tennesseans police their bills, scour their insurance policies and ask for discounts, some of them will not be able to pay down their medical debt. For many, the amount will simply be too much. In such cases, Tennesseans may benefit from speaking with an experienced medical-debt attorney about whether filing for bankruptcy is right for them. Doing so could be the start towards a fresh financial slate.

Source: daveramsey.com, "How to Ease the Burden of Medical Debt," Accessed Nov. 1, 2016

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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