Paying Off Medical Bills
Medical bills are one of the most unpredictable and unavoidable expenses that accompany adulthood. In fact, medical debt is the single biggest cause of U.S. personal bankruptcies.
This kind of debt can come with dental work, minor surgery, car accidents and major emergencies.
The good news about this kind of debt is that you might find a number of the people to whom you own money will take installments. Many doctors, dentists and hospitals have the ability to work out short- and long-term payment plans.
Another important tip is, regardless of the total amount of your bill to any single provider, as long as you make some monthly payment toward the debt – even only $10 a month – you can make it hard for that provider to turn you into collections. This can free you up to use your lump sum payout in other ways.
Medical Debt Facts
- 1 in 5 American adults struggle to pay medical bills
- Even with year round medical insurance coverage, 10 million Americans ages 19-64 will face bills they are unable to pay
- ¼ of all medical-related bankruptcies in the United States occur in California, Illinois and Florida
(Centers for Disease Control, Nerdwallet)