December 15, 2014

7 ways to keep medical debt in check

Medical expenses are one of the leading causes of personal bankruptcy, even for families with medical insurance. Many insurance policies have high deductibles and high coinsurance limits and on-going medical expenses can mount up to unaffordable levels. The U.S Consumer Financial Protection Bureau (CFPB). even for the insured medical debts they may not be aware of can cause serious financial problems. About 43 million consumers with an account in collection have medical debt. To avoid problems the CFPB suggests:

1. Review medical bills carefully

2. Get documentation

3. Check your health insurance policy and make sure your provider has your correct insurance info

4. Act quickly to resolve or dispute the medical bills that you receive

5. Negotiate your bill

6. Get financial assistance or support

7. Don’t put medical bills on your credit card, if you can’t pay it

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