Are you looking for ways to get out of debt? Debt is a common problem. If it’s not enough that you own a house and a car, you may find yourself swimming in medical bills. This has been an ongoing issue in my family.
My 11 year old son has had asthma since he was a year old. Fortunately it is not a frequent problem but when it does flair up, it always requires a trip to the emergency room. For some reason his asthma can’t be managed at home and so it requires medical intervention. ER visits are expensive.
But that doesn’t include both his and my daughter’s visits to the orthopedic clinic for collarbone issues, a tumor my daughter had removed from her mouth, dental bills and well, the list goes on.
I’m sure most of you can relate. On top of that you have prescription medication to pay for and well, it can become overwhelming. Medical bills have always been my family’s biggest problem.
However there are ways to reduce your debt. Did you know that there are financial and charitable aid programs that can help relieve some of that debt? The billing office of the hospital or medical center is the place to contact for this. In some cases your medical bills will be completely erased.
Of course this depends on your annual income. Applying for help is worth it. In some hospitals they set a limit of medical debt-to-income ratio at 30%. So if your bills are higher than your income by 30%, you can have that portion paid for.
At the very least many billing offices are willing to accept payments. You pay what you can.
While it may take some time you can also chip away at your medical bills by setting aside money each paycheck to put toward a bill. Make your goal paying off the smallest medical bill you have and work toward that.
Another tip is to forego using your tax returns for frivolous things, such as a new TV. Instead, apply it toward your medical bills. You will be better off in the long run and may eventually get that TV without being in debt.
What are some ways that you have reduced your medical bills debt?
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