Four Tips to Take Control of Medical Debt

Medical bills are reported to be the number one cause of poor credit and bankruptcies.

Even with health insurance, hefty medical bills can linger like an ominous rain cloud. As a member, if you’re in this situation, communicate with us so that we can help you manage through this difficult time. In the meantime, here are four tips to help you take control of your medical deb.

Check the bills in detail.

Often we are so shocked over how much we owe when we first open our bills that we forget to look at them in detail. Medical bills are frequently inflated, so looking over them carefully could save you money. If you have health insurance, it is also a good idea to make sure your insurance company paid for everything covered in your plan. If your insurance company denied your claim, appeal the decision if you have evidence to support why the treatment should have been covered, like a letter from your physician.

Ask for a repayment plan.

Even after billing errors are corrected, the amount you owe may still seem frighteningly large. However, there is no need to panic if you cannot pay a bill in full. Most medical providers will allow you to make smaller payments until the bill is paid off and, in many cases, won’t even charge interest.  Think about how much you can afford to send each month, and let the medical provider know.

Look for assistance.

Many hospitals get government funds and donations to cover the bills for patients who cannot pay them themselves. Talk to your hospital’s billing department or financial counselor about its programs.

Create a plan for future.

While your current concern may be the bills you need to pay now, chances are, you will have more medical bills to pay in the future. If you start saving today, it will be easier to pay whatever bills come your way tomorrow. While you can put your savings in a savings account, if you have a high-deductible health insurance plan, you may be eligible to open a Piedmont Advantage Health Savings Account (HSA). Money contributed to a Piedmont Advantage HSA may be tax deductible. (Consult with a tax advisor for details.) Plus, unused balances at year-end roll over into the next year.

Medical bills can linger long after an injury or illness has been treated. While the amounts owed can seem unbelievably large, remember, there are many things you can do ease the pain of bill paying. Call one of our specialists for more information at 800.433.7228 or visit your branch.