A sad byproduct of our broken healthcare system is the numbers of people forced to file for bankruptcy protection for medical debt. It is estimated that more than 600,000 Americans are forced to file for protection under the nation’s bankruptcy code each year because of mounting medical bills.
So if you need help with medical debt, you can rest assured that you are not alone in this problem. Medical emergencies can come out of nowhere, and their financial impact can last long past the actual illness, even with insurance. If you need a plan to get out of your healthcare-inspired financial hole, you should work with a debt counseling professional to help gain control over your finances.
Organizing an Avalanche of Medical Debt
Medical bills are as much a physical presence as a looming financial crisis. Indeed, you don’t need to be told that the number of bills only increases as you slip towards default. Organizing this paper trail is the first step before meeting with a credit counselor for help with those mounting medical bills. Some considerations:
- As bills arrive, place them in a file marked as unpaid.
- You will want to pair this with insurance documentation as it applies.
- Match original bills with Explanation of Benefits and file in EOB file
- Once the insurance company pays the bill, place it in a settled file.
Getting Help with Medical Debt Has Never Been Easier
If you have been hit with medical bills that appear insurmountable, you need to be proactive in dealing with the quickly mounting debt. Here at Americor Financial, we are experienced with an array of debt reduction strategies that are designed to help with medical debt when you most need the help. From debt settlement efforts to filing for bankruptcy, there is a full range of solutions that can help you with medical debt.