Easing the Burden of Medical Debt
Debt in all forms is present in the lives of many people, however medical debt can be one of the most burdensome for a person’s finances. Recent studies have shown that medical debt, the kind accrued because of anything involving hospital visits, doctor’s appointments, and more, is one of the highest sources of debt in America as well. What is most unfortunate about this kind of debt is that it is generally unavoidable and is never obtained by choice. It also tends to happen at the most inconvenient since the debtor or someone close to him or her is recovering from some medical condition and still has to eventually pay back expenses. Thankfully, there are ways to find relief from medical debt.
Although medical costs are often very high, there are some government programs in place to help ease this burden. The catch with that is that only qualifying individuals are able to take advantage of them. For example, senior citizens are eligible for certain benefits through programs like Medicare and Social Security, but others have to wait on long lists to be eligible. Still, it is worth doing some research to find out if assistance can be found this way.
For all others, medical debt can be managed the same as any other kind of debt would be. The agencies that oversee the collection of medical debt can be negotiated with as well, which can sometimes lower interest rates and monthly payments, or reach some kind of settlement where you can pay less in a single lump sum. The important thing to remember with medical debt specifically is that there is often a lot more leeway than there is with credit card or other forms of debt. So long as some kind of payment is being made, agencies won’t be immediately looking for their repayment which buys you a little time to make payments when you can.
Medical debt is one of the most stressful forms of debt, however there is still relief that can be found. If the amount of debt accrued from all kinds of medical expenses is too high to manage on your own, it can be a good idea to seek the help of a debt management agency that is willing and able to work with you to determine the best strategy to deal with the debt and return to a normal, happy life. To learn more about how Cain and Daniels can serve you in this capacity, please contact us for a consultation.