Debt solutions are becoming more and more needed due to healthcare debt. Also, known as medical debt, healthcare debt is steadily on its way to overcoming credit card debt as the number one reason people file for bankruptcy.
If you suffer from healthcare debt, there are debt solutions for you other than bankruptcy. Debt solutions include help with paying off healthcare debts and ways to deal with your healthcare debts.
Resist the temptation to transfer your healthcare debt onto a credit card. Balance transfers usually add to the problem in the form of high interest and hefty balance transfer fees. You can usually get a lower interest rate by negotiating on your healthcare bills than you will from a credit card.
Another good reason to avoid transferring your healthcare debt to your credit card is that it may reduce your chances of qualifying for Medicaid. Your healthcare debt qualifies as debt that will lower your gross income. Credit card debt does not lower your gross income. Since eligibility for Medicaid is determined by your gross income, the less income the better.
Make sure you stay on top of your healthcare debt. Do not miss payments. Even if you can only afford to send one dollar, send it. Skipped payments will hurt your credit score.
In addition, many times missing payments will simply add on more expenses with fees and interest. If you are diligent in paying your healthcare bills, you will be less in need of debt solutions later.
If you cannot make your healthcare debt payments, consider negotiating a better payment plan with or without debt solutions counselors. Come up with a plan that fits your budget and present it to the healthcare provider you owe.
If you are uncomfortable with doing this on your own, a debt solutions counselor can negotiate a new payment plan for you. Debt solutions counselors negotiate these types of payment plans all the time. It is what they do for a living. They can negotiate with physician's offices, hospital, debt collections agencies, and more on your behalf. Sometimes they can even negotiate down the amount of debt, getting you a reduced balance owed.
Start by listing the physicians' names, hospitals, and/or companies you owe. Include amount owed, dates, phone records, names, treatments, and other important information on your list. Then give the list to your debt solutions counselor to take from there.
If you are uncomfortable with debt solutions counselors, consider applying for Medicaid. This state and federal program offers plans to help people with healthcare debt. Income is a qualifying factor. To determine if you qualify for Medicaid, consult their website at http://www.cms.hhs.gov/home/medicaid.asp.
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