Medical Bills and Debt

Do your bills have you stressed?

Are you needing a little helping hand in managing your Debts? Learn about the different ways in which to take back control of your finances. See if bill consolidation may be right for you.

Medical Bills

      About 15% of older Americans has reported that paying medical bills was either "very difficult" or used up all their savings. Negotiating with hospitals and medical providers is an irritating thought but often a useful strategy in negotiating medical debt. Also look very closely into obtaining some kind of medical insurance or medical plan.

     Hospital's willingness to reduce bills is from a phenomenon in health care pricing called "cost-shifting." Cost-shifting results when hospitals and other medical providers concede huge discounts to third-party payers such as HMOs and Medicare/Medicaid. Because of these discounts, the providers attempt to shift many of their costs onto the shoulders of "self-payers" (i.e., the uninsured or underinsured.) The shocking consequence is that a medical provider/creditor may charge a low income, uninsured patient two or three times what it accepts as payment from private insurers. Be sure to look into this and bring it up when negotiating.

This site provides only general information. It is not intended to, nor should it be taken to be, legal, financial or other professional advice. Do not use is as such. Always consult with your attorney or financial advisor to discuss all legal or financial issues involved with credit and debt management solutions and issues.