The Kitchen Table

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By: Sheri Wilford

 

Are you being crushed by medial debt? July is the month to celebrate the independence of America. Wouldn’t it be great to have financial freedom as well?

Medical debt is a widespread issue for America and, according to the American Journal of Public Health, it attributes to 66.5% of all US bankruptcies. The average cost of a hospital stay is over $15,000 per patient and can significantly impact your credit score if you are unable to pay.

So, how can you avoid becoming a part of these statistics? There are a number of things you can do for help! 

• Negotiate your bill. Ignoring a bill will not make it go away. Contact your healthcare provider and see if they offer any type of financial assistance programs or may be willing to reduce your bill if you can demonstrate financial hardship. Always request an itemization of your bill so you can review it for any errors and/or unnecessary charges
• Set up a Payment Plan. Many healthcare providers offer payments plans. Check your budget first so you know what you can afford each month. If you have never created a budget plan, check out our blog, “The Kitchen Table,” for our post on budgeting.
• Look into Crowdfunding. If you have a major amount of debt, you can investigate a platform such as GoFundMe. Telling your story can sometimes garner support from friends, family, and even strangers.

Don’t let a medical hardship destroy all you have worked for in your financial life!  If you find yourself in an unfortunate position where you're overwhelmed by hospital bills, or any other debt, be proactive and get on top of the debt as early as possible. Creditors are usually willing to work with those that reach out. They are there to help you!

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*Employees of LPI Loans and our affiliates are not attorneys. LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.