FMOOD 0043: Taking Care of Medical Bills - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-01-28T07:00
Medical bills and the associated entities that we owe money to are probably the most friendly of the folks that we'll have to deal with if we need to make payment arrangements, but there's a caveat. We have to address what we owe before the medical bill goes off to a collection agency. If we let it go that far, it's a new game at that point, and we most likely lose our ability to make a fair payment arrangement. Don't let this happen to you.
Instead, if you have a stack of medical bills sitting on your desk, don't simply ignore them. Address them today. Spread out your various medical bills. Note how much you owe on each bill. Next, budget to pay a certain amount each month towards the amount that you owe until it's paid in full.
Did you know that you can arrange to make payments for as little as $10.00 per month on some medical bills? It's true. However, you do have to be consistent and follow through on your promise to pay once you've communicated it. Have your strategy in place, be sure that it's recorded appropriately in your monthly budgets, then pick up the phone. Contact the medical entity, communicate your plan, and ask them to accept your promise to pay. Explain that you cannot afford to pay the entire amount owed at once, but you will promise to pay a certain amount per month. Nine times out of ten, they will accept your promise to pay on the first attempt. Sometimes, they may ask for more per month if they feel that the amount that you're offering isn't enough, but it is highly unlikely that they won't accept a payment plan at all and demand payment in full.
The best part? You're able to pay your medical expenses in monthly payments, interest-free, and it won't go to collections. The key here is to communicate well and communicate early. Don't wait until it gets to collections before you pick up the phone, because by that time, it's too late.
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