If you have any debt, it becomes your primary goal to take care of it at the earliest. You might incur various kinds of debts in your lifetime, but probably a medical debt is the worst of them. It can make anyone feel ashamed. However, you must not count it as a failure. Sometimes, you do not have any control over medical emergencies, and these can lead to a high medical bill. However, before you can understand it better, it is important to have an in-depth understanding.
If you are wondering what is medical debt, understand that it is just like any other debt that you need to repay. The only difference is that nobody falls into a medical debt by choice. You have to face it when you are unable to pay your medical bill. Understandably, the invoice can be a little high at times, particularly in case of serious medical emergencies. So, you may not be able to pay the bill immediately, which results in the debt. This can be a serious scenario, as the medical debt can result in your inability to receive the medical care that you need.
A medical debt can be caused by different reasons. The two most common factors are lack of insurance and low-income. For example, in a city like Delhi and Mumbai, the cost of healthcare is quite high. So, if you ever have to be hospitalized in one of those cities without health insurance, you will face difficulties in paying the medical bill.
The same is true for anyone without sufficient savings or families with low-income. The impact of these can be devastating on anyone, as unpaid medical bills can become quite a huge liability. In fact, it is so common that a medical debt has become a serious issue. People tend to tackle the situation by borrowing money from their friends, selling assets, or compromising on their lifestyle. You might even have to break into funds that you had created for retirement or higher education of your children.
If you are ever in a situation where you have to think about medical debt relief, it is common to panic about it. However, you can opt for many options to tackle the challenge without losing any sleep.
Here are some tips that you can use to lower your medical debt, so it becomes easier to pay:
It is common for medical bills to have a few errors that might result in a higher bill amount. Check for any double charges for the same services and facilities that you cannot remember and are confused about. If you have health insurance, look for any charges that your insurer should have covered. Make sure to check the bill closely and compare it with your previous medical bills to recognize any error in pricing. Contact the billing department of the hospital to make sure if your insurer has covered the expenses that were committed as per the insurance policy. You must also clear any doubt about the bill amount.
If you can find any error in the bill and resolve it with the hospital and your insurer, the payable amount will decrease, which will effectively lower your medical debt.
Another effective way to lower your medical bill is to negotiate with the hospital’s billing department. They have the authority to lower your bill if you are eligible for it. However, make sure that you initiate the negotiation before paying the bill, as it becomes harder to negotiate later.
Sometimes, hospitals lower the medical bill for low-income families. You have to talk to them about your inability to pay the entire amount. You can even convince them that if you pay the full amount, your family could land up in serious financial trouble. The hospital might consider cutting back on some charges.
If you have even been in a hospital where you had to pay lower for similar treatments, you show the current hospital those bills as evidence. You can convince them that the costs of some services are lower in other hospitals and request them to lower the bill.
Another very effective way to get medical bill relief is to opt for an affordable personal loan. A personal loan is easier to get and the money can be used to take care of any financial liabilities, including medical expenses. If you had to be hospitalized unexpectedly, the expenses surely will hurt your financial plan. With a personal loan, you can repay the entire bill amount in one go. You can get affordable loans from many various financial institutions that offer competitive interest rates. This way, you will be able to repay the loan over a period without impacting your finances.
A online personal loan available at Finserv MARKETS not only covers your healthcare bill, but it also takes care of post-treatment expenses, which include medication, therapy, tests, and visits to the doctor. The lender can help you with a flexible repayment period. Also, check out a personal loan calculator to calculate your monthly EMIs.
The rising cost of healthcare in India can affect anyone. Irrespective of how much money you have or if you are insured, a high medical bill can make things difficult for you. Hence, do not feel ashamed or worry about the medical debt. Instead, consider your options and take care of it as soon as possible.
You can avail a personal loan at Finserv MARKETS through a hassle-free online application process. Simple eligibility criteria, minimal documentation, instant approval and quick loan disbursal are some of the major benefits of availing a personal loan at Finserv MARKETS. Since personal loans are unsecured loans, you do not have to pledge any collateral while availing the loan amount. The personal loan interest rates at Finserv MARKETS is quite competitive, this will help you save a large amount of money in the long run. Before availing a personal loan, make sure that you check your loan eligibility. This will reduce the rejection chances of your loan application. Also, with a high credit score, you can avail a higher loan amount at reduced interest rate. If you satisfy the eligibility criteria and provide all the required documents, the loan amount will be disbursed within a short span of time. Make sure you read the terms and conditions carefully to avoid any inconvenience in the later stage.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.