Tips on Reducing Medical Debt to Avoid Bankruptcy (Part 1)

October 20, 2013

It’s important that individuals are aware of some of the things they can do to try to reduce their medical debt while still getting the health care they need.

It’s important that individuals are aware of some of the things they can do to try to reduce their medical debt while still getting the health care they need.

Medical debt is one of the leading causes of bankruptcy filings in the U.S. (along with divorce and unemployment). In fact, many Americans are currently uninsured or underinsured because they are out of a job and simply can’t afford to pay for healthcare coverage. In the event these individuals are seriously injured or develop a serious illness, they can be harpooned with extremely expensive medical bills that can wipe out any savings they have and possibly send them spiraling into massive debt.

However, those who are uninsured or underinsured when it comes to healthcare coverage are not the only ones who can be afflicted with overwhelming medical debt. In fact, many insured individuals can find themselves buried in massive medical debt as they pay for expensive monthly premiums, are hit with costly out-of-pocket expenses and have to cover various medical needs that are simply not covered by their healthcare insurance.

Given such facts, it’s important that individuals are aware of some of the things they can do to try to reduce their medical debt while still getting the health care they need. The following are some helpful tips regarding how to reduce medical debt and, in turn, potentially avoid having to file for bankruptcy because of it:

  1. Shop around for doctors and hospitals – Like any other business, hospitals and medical practices charge different rates from their competitors, and it’s important to shop around for the best rate before you start receiving care from a potentially pricey hospital or doctor. While some hospitals and medical practices will have general pricing guidelines posted on their website, it’s a good idea to contact the facility or practice directly for a more specific quote regarding the type of care you will need. Doing this kind of research ahead of time can save you thousands (if not tens of thousands) of dollars down the line.

For additional tips on how to reduce your medical debt, check out the upcoming Part 2 of this blog.

Colorado Bankruptcy Lawyers

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

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