A serious injury or illness can strike at any moment especially when you least expect it. It can wreak havoc on our health as well as our financial situation. Debt can mount to unbearable levels because of medical expenses, and the majority of us find that we cannot manage that debt without seeking external help. Consumer debt counseling agencies work with clients who are otherwise responsible consumers but are confronting financial trouble when they had a personal injury or illness. Medical debt can cast its shadow over consumers who are not prepared. It’s vital to show patience as handling medical debt is often a complex process involving time. You can seek help from many sources, including consumer debt counseling agencies that offer debt repayment options.
Dealing With Medical Debt
Before failing to make a payment to any of your creditors, engage in a frank conversation with them to see if you can work out a payment plan. Ask them if you can make smaller payments every month, or they can give you more time to pay your bills. Always sound courteous and be polite while dealing with your creditors. Explain your fiscal situation to them, and make a genuine effort to make the payments on time. If you owe numerous creditors and fail to manage your debt, contact a consumer debt counseling agency for help.
Know Your Debt Management Options
If you’re medical debt exceeds a certain limit, you might be eligible for some well-deserved assistance from the Internal Revenue Service (IRS). If you’re medical debt exceeds a certain percentage of your adjusted gross income, you are entitled to claim that remaining amount of debt as an itemized deduction on your federal income tax return. There is an exemption on expenses on prescription drugs and long-term nursing care. Always, put an effort to prioritize your debt. To know more about your debt management options, please check online. If you are involved in credit card debt issues and are not finding any way out then credit card debt consolidation is a good and an effective option to check out and go with.
Advice For The Uninsured
Handling your debt can prove to be an intimidating task if you are at present uninsured and have suffered from serious injury or illness. Search for local free clinics. University medical centers offer services provided by medical students at reduced costs. Request your pharmacist to give you generic prescription drugs. Often, they prove to be less costly than the ones your doctor prescribes. If your age is 65 or higher or you are disabled, contact the U.S. Health Department and ask about Medicare coverage. There is a provision for coverage for lower income households and patients with high medical bills.
Good Debt Management Skills
Ensure that you have a sound insurance plan. Health insurance is getting very costly for most of the people. However, if you are thinking about declining your medical coverage to save money, or having no insurance at all, it may not prove to be a bright idea. It’s not a risk worth taking. According to a report in Consumer Bankruptcy Project, Medical debt proves to be one of the three leading causes of personal bankruptcy. Open a savings account. Engage in sound debt management skills by depositing a small part of your monthly income in it.
