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How to pay off your medical Costs: 6 Options

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How to Pay Off Your Medical Charges 6 Options to Pay Off Medical Bills
Are you looking for a solution to pay medical bills? Request a payment plan, use a medical credit card or hire a medical bill advocate.
by Sean Pyles Senior Writer | Personal financial, debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. On "Smart Money," Sean talks with Nerds across the NerdWallet Content team to answer the listeners' questions about personal finance. With a focus on shrewd and practical advice on money, Sean provides real-world guidance that will help consumers improve the financial situation of their lives. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests who are not part of NerdWallet and also creates special segments that explore subjects such as the racial gap in wealth as well as how to get started investing and the background of college loans.
Before Sean took over podcasting at NerdWallet He also covered issues that dealt with consumer debt. His work has appeared in USA Today, The New York Times and other publications. When Sean isn't writing about personal finances, Sean can be found digging around his garden, taking walks, or walking his dog for long walks. He is based at Ocean Shores, Washington.





Jan 13, 2023


Edited by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Her previous experience included news and copy editing for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism from the University of Iowa.







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Nerdy Tip
Significant changes have been made to how medical debt is reported by the three major U.S. credit agencies. Beginning on July 1st, 2022: Consumers can expect to have paid medical debt erased from their credit report and the delay before unpaid medical debt appears on credit reports jumped by six months, to one year. In mid-2023, unpaid medical debt less than $500 will no longer appear on credit reports. VantageScore expects to exclude all paid and unpaid medical debt -- regardless of how much is owed or the length of time the debt was in collections -- from 3.0 and 4.0 score calculations at the at the end of January 2023.


The process of paying off medical debt isn't as simple as settling the issue with an loan or credit card. There's usually more flexibility to negotiate conditions of repayment and maybe even to reduce the amount you owe. And you may have additional recourses that are granted by the .
To start, look over the medical bill you received and then compare it to your explanation of benefits, in case you are covered by insurance. Figure out what you're expected to pay, but don't make the mistake of assuming that you can't. attempt to negotiate the cost in advance.
When working with your provider make sure you are clear about the amount you are able to pay. When you're not insured, you'll likely be priced higher than someone who has. Knowing that there's a price difference can help you negotiate.
"That can be very useful in negotiations when you have to pay the bill," says Chi Chi Wu, staff attorney at the National Consumer Law Center. "Tell them you'll pay the amount that BlueCross or Medicaid would be paying."
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Payment plan

Many medical providers, like dentists, physicians and hospitals, can work out the lowest or no-interest payment plan for your bills. This is among the most straightforward and popular ways to resolve a bill you can't afford in one installment.
The amount you must pay on your payment plan will depend on the amount of your bill and the terms you agree to. You generally break the bill into several equal payments over a period of time until you have the full amount paid.
Tips: Find out whether there are charges for billing or any other fees that are associated with the payment plan, so that you can evaluate the financial viability.
Medical credit cards for medical purposes.

Providers may also offer to help you apply for . While medical credit cards often have an interest-free period of 6 to twelve months, they may be charged a fee that can make your debt considerably more expensive if you don't pay the entire amount during that time. A further risk attached to credit card is the possibility that missing payment or late payments could negatively impact your credit score.
Tip: Know what extra charges you'll have to pay if affected by deferred interest so that you fully understand whether the medical credit card is a good sense.
Credit options that are not secured

Personal loans
It can be a great way to to consolidate medical bills or cover emergency or planned procedures.
A personal loan is a good idea after you've exhausted other options like an installment plan or a medical credit cards, but there are also risks of fees, interest and negative impact on your credit score when you fail to pay. Loan amounts range from $1,000 to $100,000.
Tip: Be sure to look around for rates, fees and repayment conditions.
Credit card with 0% interest
A could be a good option for you if you're not eligible for a payment plan or medical credit card. You'll need excellent to good credit to qualify, though. Be sure to pay your balance by the time the promotional interest period expires and the interest rate begins to kick in. Paying late can affect your credit score.
Tip: Dedicate the card to only medical bills if you do go this route. It's not easy to keep track of expenses to be used for tax deductions or a medical savings account.
Advocate for medical bills

If you've experienced an extended hospital stay or underwent an extensive procedure, you're likely to face the burden of medical expenses.
You can engage a medical bill advocate to negotiate on your behalf. Advocates are specialists in medical billing, who know how to read medical bills and know the typical costs for procedures. They can spot potential errors or overcharging and help you lower the amount you are owed.
Organizations like Medical Billing Advocates of America can connect you with an advocate. Be wary when choosing a billing advocate because there are also predators out in the world who claim to be advocates but take your money or even your identity. Be sure to know whom you're talking to and how they operate before sharing any of your information.
TIP: Ensure that any fees charged by an advocate for medical bills would be outweighed by the savings before you sign up for a health insurance plan.
Income-driven hardship plan

If you have low income and high medical bills If you have a high medical bill, you could be eligible for an income-driven hardship plan.
Like a traditional payment plan an income-driven hardship program will break down the total amount you owe into more manageablemonthly payments, or even eliminate the debt entirely. Contact your provider to determine whether it has this type of plan. All non-profit hospitals offer some form of charitable treatment.
Tips: You might have to submit an application before you are qualified.
Costs that you negotiate on your own

If you've had or believe that you are able to take on the duties of a medical bill advocate, you may be able to negotiate down the cost on your medical expenses by yourself.
In the case of medical bills in collections, remember that debt collectors generally buy debts for pennies on the dollar. This provides you with a good leverage to negotiate.
If you think you are able to bargain with your provider, you might be able to take the work of a medical bill advocate in your own hands. Comb through your medical bills and spot any charges that are deemed to be wrong or excessive, and be persistent in following up with the customer service reps.
TIP: Don't be scared to discuss your options with your provider. Make sure you can afford the things you're committing to. There is a possibility of choosing of a cash lump-sum and the option of a payment plan.
Summary of how to pay off medical debt options

What should you avoid doing

You may be tempted to take a shot at a quick fix for the medical debt you owe -- or even to avoid it altogether. However, doing this will cost you more in interest and may put your at risk. Making smart choices when it comes to pay off medical bills will help you avoid delinquent , even with the recent changes.
Inscribing medical debt on the credit card you already have is a good instance. It will be a nice gesture to the doctor's office, however you'll typically be charged an interest rate that is double-digit when you don't pay the debt in full when your card statement arrives.
If you're worried that you can afford your medical bills and you're facing overwhelming debt or choosing between housing, food and debt payments, consider looking into , or even .


About the author: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has been featured on The New York Times, USA Today and elsewhere.







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