Out of Control Medical Bills
Even with health insurance, a medical procedure requiring a hospital stay can cripple your finances.
Just look at the cost of some common procedures based on 2005 statistics.
- Breast biopsy - $29,000
- Broken leg - $27,000
- Chemotherapy - $31,000
- Chest X-ray - $15,000
- C-section - $13,000
- CT Scan - $18,000
- Heart surgery - $133,000 or more depending on the actual procedure
- Hernia repair - $30,000
- Hip replacement - $41,000
- Kidney transplant - $121,000
- Knee replacement - $46,000
- Mammogram - $15,000
- MRI - $23,000
- Removal of part of the colon or intestines due to tumors - $56,000
- Ultrasound - $16,000
These prices do not even include doctor fees for follow-up care, rehabilitation and lab fees. It quickly adds up!
Medical debt is out of control. Even with great health insurance, many people pay hefty deductibles before insurance will even kick in. Insurance coverage may deny them completely. This is why it is so easy for people to go into debt after a medical procedure.
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Discussing Your Situation
Every hospital has a financial advisor on staff. This professional discusses your payment options. Despite this, hospital administrators try to get you to pay before you are even discharged, especially if you are uninsured. They know that the longer you delay sending a payment, the harder it will be for them to receive the money they are owed.
Some hospitals will offer payment plans to uninsured or under-insured patients. However, they will not institute a payment plan until you’ve paid off 50 percent of your balance. It’s very unlikely that you have that much money lying around.
A final option that many hospitals use is a one-time discount if you agree to pay your balance in full before receiving care. Again, it is rare that a person has this much cash readily available.
Dangers of Relying on Credit Cards
The Center for Responsible Lending and Demos teamed up and did a study of credit card debt. Almost 30% of cardholders with high balances blame their credit card debt on medical bills.
Medical facilities want their money as quickly as they can get it. They are not afraid to push patients to use credit cards for payments. The problem is that high interest rates on credit cards help drive your debt levels even higher. Many credit cards charge upwards of 30% in interest. Add in late fees and over-the-limit charges and you end up paying for decades.
More frightening, people who already are paying off high medical bills are less likely to seek medical care in the future. Even those with insurance who are currently dealing with high medical bills will let months or years pass before seeking medical advice and with some ailments, it can be too late for treatment.
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Debt Consolidation Offers Relief
Debt consolidation is an easy program in which you can consolidate your expensive medical bills into one easy, affordable payment. Instead of paying multiple bills, you make one payment per month. It’s that easy.
With a debt consolidation program, you rely on the expertise of financial advisors. They can help you establish a plan to pay off your unsecured debt in years instead of decades.
If you would like further information about debt consolidation, you can fill out the quick form above or call the following number 1-877-884-0880 Someone from our team of professionals will be in touch to show you how you can get out of debt and eliminate the stress of financial uncertainty.
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