Financial Horror Story

It was a cold, clammy, rainy pitch dark night and I was extremely distressed-- well, not really it was a beautiful hot although rainy night in Florida but I was distressed.

My wife was in pain and it had been two days that the flashing pain on the upper left side of her face had started and thankfully was tolerable with over the counter medication.

But I was at the edge of desperation and so was she, particularly because as a former medical doctor I had an almost 100% certainty that it was trigeminal neuralgia.

Still my doubts abounded. What if it was a tumor or a vascular compression etc., etc. --- I would never forgive myself.

So reluctantly we go to the dreaded "emergency room" and go through the routine questions, do you have insurance? The answer was a definitive "no ", "I can't afford insurance". Are you in pain and if so tell me in a scale of 1 to 10 how much? My wife was in pain, but just in case we wouldn't be ignored she answered a loud "ten".

Then, the long waiting period, which really was quite reasonable-- about an hour and her name was called out by a nice lady who showed us the way to a private cubicle perfectly outfitted for a medical consultation. A couple of more minutes and blood was drawn, an I,V catheter inserted just in case.

Tension was building up and the emergency physician enters and greeted us with a foreign accent, he was nice and cordial and asked how he could help and so on. I explained that I was a former MD and that I had an idea of what was happening. Let's hear it he said and I confidently said "trigeminal neuralgia", he nodded as if agreeing.

"You need a CAT SCAN and some medication; he said'' and left the room. Even if time is altered in this setting, I'm positive that the doctor visit including questioning and a quick physical took at most a quarter of an hour. Then to the CAT SCAN, another 10 minutes and it was over. Last but not least we were escorted to the observation room, full of ailing patients.

After waiting about 45 minutes a kind lady from the financial department inquired about my income, dependents etc. Everything so far, so good, except that she bluntly informed us that the bill was $3560 and that we had some options in order to get a discount.

At this point, immediately I also had a headache and asked to speak with someone to clarify my financials and explain that I didn't have that kind of money. We were taken to a financial counselor at about midnight and after haggling "I really mean begging" I had to sign an agreement to pay about $300 a month for a year. I just couldn't take it anymore and signed, got the papers and left.

The story has a nice ending because after about two weeks and a lot of phone calls we returned to the hospital to continue 'begging" and a miracle happened. Under charitable grounds our $3500 bill was dropped to zero.

I thanked once and again the counselor, but was informed I would also receive individual bill from the radiologist, emergency physician and laboratory for about $1500 more and that if deemed necessary, I could ask for a discount and maybe even a charitable waiver.

The bills started rolling in as follows:

Hospital services ER total bill: 3560.68

Itemized as follows:

Brain CAT scan: $1802 (with health insurance: $285)
LAB: $322 (with health insurance: $152)
MEDS: 1.68 (1 Carbamazepine tablet costs $0.12 even without health insurance)
LEVEL 4 EMERGENCY: $1435 (with health insurance: $2,363 Price is for an Emergency Department Visit. No overnight stay Includes imaging studies like x-ray, CT or MRI.)

Billed separately about two weeks after:

Emergency physician: $784 (with health insurance: $211).
That's about $3136 an hour considering the ER doctor took around 15 minutes to question and examines my wife. Even Bill Gates would raise his eyebrow with this hourly income.
Radiology diagnosis: $210.14 (with health insurance: I really don't know)
Laboratory diagnosis: Up to the present date I have not received it.

All the numbers are to illustrate the ridiculous gap of prices between without insurance (retail) and with insurance (wholesale). But were talking about human beings, not DVD players, aren't we?

I recently came by the million dollar question: why do hospitals charge such outrageous fees to the uninsured? The answer is very simple "because they can" and why can they? Because health insurance companies negotiate rock bottom prices before the fact-you won't be doing that bleeding in the ER.

But aren't the uninsured supposed to pay less because they can't afford to pay for health insurance? This statement makes sense, but in reality these poor wretched souls pay triple or more of the normal price tag for a given exam or service.

The way I see it, it's another "catch 22" applied to big and I really mean big business in which some companies paid its CEO $102 million in compensations in a given year.

How's this sound for a fact:

"Approximately 41.2 million Americans who don't have health insurance have to pay astronomically high healthcare bills out of their own pockets" and "for the years 2003 and 2004, just over 50 percent of all personal bankruptcies were the result of medical debt by those with health insurance ".

Just to round it up and stir some controversy, I remember Michael Moors movie "Sicko" in which an American patient lost two fingers in an accident and had to "choose" which to have re-implanted according to the humongous fees which ran into tens of thousands of dollars. "Ring or middle finger"?

Understanding Medical Bankruptcy

Most people are surprised to find that of the estimated $1.5 million bankruptcies that will be filed this year, 62% of them will be the direct result of medical issues. Even more surprising is the fact that of those filing for medical bankruptcy, over 80% actually had medical insurance. Despite this, they managed to rack up medical debts that approach almost $18,000! This is just $9,000 less than the amounts owed by individuals who filed for bankruptcy due to medical reasons that lacked medical insurance.

While $18,000 seems like a small amount of debt to cause a bankruptcy, part of the problem is the aggressive nature of the medical debt collection industry. When you default on a credit card debt, the chances of you being sued are actually quite slim. More likely is that the creditor will work with you to establish some sort of acceptable payment plan.

In contrast, medical debt collectors seem to prefer litigation. They will often file lawsuits in small claims court on amounts so small that most other lenders would have not even bothered. Since most people are not accustomed to dealing with lawsuits, it is no surprise that many people panic and resort to filing for bankruptcy protection.

What is a Medical Bankruptcy

Technically speaking, there is no such thing as a "medical" bankruptcy. The only kinds of personal bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy. There is no distinction by the cause of a bankruptcy.

Generally speaking, however, a bankruptcy that is classified as medical is any bankruptcy that is filed due to medical reasons. This can be caused by excessive medical bills, or a loss of income due to illness. In some cases, it is even the result of an individual getting a second mortgage to cover their expenses. If medical issues were the direct cause of the bankruptcy, it can be referred to as a medical bankruptcy.

The Medical Bankruptcy Fairness Act of 2008

An act was introduced to Congress in 2008 which if passed, would provide a legal distinction for medical bankruptcies. This Act would exempt $250,000 of home equity for those filing bankruptcy due to medical reasons. It would also eliminate the means test for people filing bankruptcy due to medical conditions. This means that many individuals with medical debts that are now forced into Chapter 13 would be able to file for Chapter 7. The act also offers some relief to caregivers of the seriously ill.

Medical Bankruptcy - The Myth

President Obama has pointed to the number of people that file bankruptcy due to medical bills, stating that these people were either under insured or uninsured. This was one of the reasons he gave for the need for a standardized national health care system similar to Canada's. He used data that he probably considered accurate, so he can't actually be faulted, but new data shows that the original 2005 medical bankruptcy study was in error. Critiques published by David Dranove and Michael Millenson and a working paper by Aparna Mathur, with the American Enterprise Institute, have refuted this study and basically agree that the idea that large numbers of Americans are declaring bankruptcy due to medical expenses is a myth. The truth is that only about 17% of filers have medical bills as a contributing factor and if asked, somewhere around 12 to 13% would state that medical bills were a 'reason' for filing bankruptcy.

What this says is that the study that Mr. Obama used was flawed and that a standardized national health care system will have little to no impact on the number of bankruptcies being filed. The majority of bankruptcies will be filed for poor financial practices in the way of credit card debt and living beyond their means. Of course, in today's economy, that has also changed. It may have been true in 2005, but is not true now. People become unemployed and can't get another job or must accept a job paying much less and...here comes another bankruptcy. This year alone we are approaching one million homes being repossessed. Many of these same people will file bankruptcy. If they can't keep a roof over their head then they certainly cannot pay off miscellaneous debt.

In fact, Canada, being held up as an example for Mr. Obama's healthcare plan, saw personal bankruptcy rates higher than in the U.S. for both 2006 and 2007. This covers the time after the bankruptcy reform laws but prior to the onset of the 2008 economic recession. This is particularly important, since prior to the 2005 bankruptcy reform the differences between Canada and the U.S. were so different as to make comparisons between the two a moot point. Now, however, Canada's and the U.S.'s bankruptcy laws are similar enough to allow reasonable cross-border comparisons. It is also now true that after 2008 the comparisons cannot be valid because bankruptcy statistics are being skewed by other policies that are totally unrelated to healthcare.

One other point that is worth looking at, is that a large number of the 17% of bankruptcies filed for medical expenses were the result of experimental or cutting-edge treatments that were not covered by private insurance and that would not be covered by government insurance and are also not covered under Canada's healthcare program. In fact, research shows that Canada's numbers are very close to the U.S. in that about 15% of bankruptcies (filed by seniors 55 years and older) are for medical debt.

So, you can disregard the bogus information about medical bankruptcies when it comes to your feelings about a nationalized healthcare system. Of course, the first steps are already in place, but maybe we should also look to our northern neighbor, Canada, and learn from her experiences. Her residents don't necessarily feel that the national healthcare system is a good thing. And there is only one way to shove back at the government that has force-fed us this nationalized healthcare plan-VOTE!

How to Avoid Medical Bankruptcy Using Portable Heart Devices?

The increasing regulatory pressures in the hospital system are set to increase the cost of health care delivery to patients. Traditional care models relied on manual techniques to observe patients with chronic disease. This process is not only expensive, but also inefficient with errors.
In outpatient scenarios, the huge escalation in the incidence of long-term chronic conditions is placing an ever-greater burden on over-stretched resources. Patient care models today are ill-equipped to cope with the realities of tomorrows health demands.
In times of recession, many are filling for bankruptcy. Medical related bankruptcies are now dominating them. In a study published by the American Journal of Medicine in June 2009, it showed that health related issues left patients with highest medical expense due to chronic conditions like stroke. Around 92% of medically bankrupt patients, high medical bills were the major contributions to their bankruptcy.
Traditional approaches to health care management
This involves to wait for the disease to develop and then run to the health care provider for solutions. These solutions can be expensive with the use of wide array of diagnosing investigation. If the disease is already progressed, then the cost of treatment of these can be exorbitant.
Some of the scary statistics which come from various studies published in scientific journals show that that Health related expenses for stroke can be as high as $23. 380 per individual. The total cost of stroke to the United States is estimated at $43 billion per year. The direct costs of medical care and therapy are estimated at $28 billion per year. Indirect costs from lost productivity and other factors are estimated at $15 million per year. These facts about stroke are not meant to scare you or shock you. But they are real and you must be aware of them if you want to keep you and your family safe from deadly killer.
Best Solutions to manage your health.
There is a old adage that Apple a day keeps the doctor away. This is much more relevant in the current era. With recession looming all over the world, and business spending for employers cut, In the corporate world, 0. 25% of the companies cancel coverage, if an employee has disabling illness.
Prevention is the key for better health
To better manage these scenarios, it is quite vital that healthcare management begins at home. Adopting healthy lifestyle, by quitting smoking habits and excessive caffeine consumption. Maintaining a healthy diet with regular consumption of green leafy vegetable rich food and cutting down junk food.
Following Regular exercise programs like walking, r unning and jogging. Visiting health care professionals annually if above the age of 40 years for regular health check. In addition to the above, by using simple techniques like
1. Digital Weight scales to check your weight regularly and measure Body Mass Index.
2. Portable ECG/EKG devices to monitor heart rate and any changes in abnormal heart rhythms like Atrial Fibrillation.
3. Portable Hand Held Heart Rate Monitors to check your heart rate while jogging, walking or any sports related activities.
4. Body fat analyzer to check your body fat and analyze it your height and weight.
By following these simple techniques it is possible to avoid the long term high medical expenses for disease management, and also medical related bankruptcies in future.

Loopholes in Healthcare Necessitates Medical Bills Assistance

Do you know how much the U.S. federal government allocate for health expenses? It's nearly 20% of its total budget, nearly equal with military spending. Taken by itself, you may think it's considerable, but here's a few numbers and see if you can guess which country places a premium on medical bills assistance.

7 percent
1 percent
7 percent

Doesn't sound familiar? The first number refers to the health service budget by the United Arab Emirates (UAE), the second is Iran, and the third is Pakistan. Except for the UAE, the latter two countries couldn't hold a candle to the United States in terms of resources yet their nationals pay less when they go to the hospital. In fact, the Vietnamese and Cubans have better per capita expenses when it comes to health care because of socialized medicine.

It's not to say that we go the route of socialism but there's a need to review the heavy reliance on private companies to take care of the nation's health. When that happens, the objective is not to provide the best medical bills assistance possible, but how the companies can eke out a profit at the expense of families whose choices have narrowed because of a medical condition.

The World Health Organization recognized the fallacy that the more resources you have, the better your health care would be. A survey in 2007 by the health agency revealed that nearly a quarter of third world countries across the globe earmarked 10% of total budget to health while 11 "high-income" countries earmarked less than that.

The United States is a perfect example of a state that plugs the leaks only when it sees water coming out. The adage, prevention is better than the cure, clearly doesn't work here. Sure, there may be free emergency health care but the point has always been to provide medical bills assistance on each and every family to make sure the situation doesn't worsen to a level that they really do need emergency help.

How A Universal Health Insurance Helps In Unpaid Hospital Bills

We've been hearing about the universal health insurance system being adopted by other First World countries and how it has successfully provided families with better medical care and helped them in their unpaid hospital bills. But what is exactly a universal insurance system?

Universal insurance of single payer insurance means the medical bill expenses are facilitated and paid for by one source using the money collected from its citizens through taxes and levies. The federal government itself can take that role of a health care provider or subcontract it to another corporate entity.

One misconception about universal insurance is that it is socialist in nature. The difference in the latter concept is that it is the government which owns and manages-and in some cases, profits-from the health facilities. Simply put, in a socialist environment, the government has its hands all over the system, from delivery of health care to collection of payments. Universal insurance, meanwhile, is just a mechanism where health care is delivered efficiently and without so much fuss.

You can still choose where you want to have your treatment. You can still continue to see your family doctor whom you are most comfortable with, or the hospital that knows your history and medical condition and in turn, would be able to provide you with the best opportunity to recover. You don't worry about unpaid hospital bills, including the medicines that are prescribed to you. On the off chance that you are interested how it works, the provider either pays the doctor's professional fee for each time you visit or the doctor is paid a hefty monthly salary using public money.

We've heard of the sob stories of families being turned out because they don't have the capacity to pay for their surgery or medical procedure. Under the present setup where co-pays and deductibles prevent families from going to the doctor unless it's absolutely necessary, which carries the danger of worsening the disease, you can go to the hospital for the most trivial of things precisely to avoid that from happening.

Under the single payer system, you don't have to worry about that regardless of whether you are poor, bankrupt, unemployed or a millionaire. Coverage will cut across sectors and social class. That means unpaid hospital bills will be a thing of the past. If you think universal health insurance is a pipe dream, consider that it's successfully implemented in Australia, Canada, Sweden, Denmark and Finland, among others.

Millions Of Families Need Help With Medical Bills, Now

It can't be denied that some medical providers do take advantage of the broken health system in order to eschew their obligation to pay the beneficiaries when the time comes to collect on their insurance. But we can't forget the other reasons as well why millions of American families need immediate help with medical bills.

Perhaps a large part of the blame goes to complacency, particularly the so-called middle class who are too well-off to avail of the government help with medical bills but too poor to avoid bankruptcy when a catastrophic disease hits. As a result, they are caught between a rock and a hard place. These families by the way comprise a large bulk of the underinsured because they rely too much on their employers haven't taken the time to study their respective policies.

Indeed, how many hours did you spend talking with your insurance companies about your concerns regarding your policy? In relation to this, how much time did you spend studying your policy in the first place?

It's incumbent upon you to know the ins and outs of your policy even prior to an emergency. Indeed, many of families still don't even know that, according to the principle of co-pay, any medical treatment expenses are taken out of your pocket until you reach a certain cap then the insurance company comes in. This is usually stated on your policy but without reading through the contract, you would have absolutely no idea about co-pay and its difference from deductible or co-insurance, for example.

Sadly, a stable job doesn't guarantee you a good insurance anymore as employers cut on insurance allocation to cope with the struggling economy. Scores of Americans had to choose to either keep their jobs or cut their insurance premiums. Most understandably choose the latter and pray to whatever higher deity they ascribe to that nothing happens to them or their families in the near future.

Hopefully there's a silver lining in the horizon. The good news is that the federal government under the Obama administration is seeking reforms in the health care industry. In the meantime, however, there's a lot of things we should do to assist the millions of American families who are scampering to seek help with medical bills as their savings wear thin.

Broken System = Millions Who Need Hospital Bills Help

Never in its rich history when the United States is dealing with so many families who need hospital bills help. A large part of the blame should go to its broken health system that seems to favor the insurance companies more than the policy holders; the haves more than the have nots. It's interesting that this is happening in what is arguably the remaining superpower in the world yet continues to perform poorly compared to other industrialized countries in terms of providing medical benefit to their poor constituents.

In this country, more than 40 million Americans have no insurance to speak of and there are millions more who are inadequately covered. Even if the federal government is spending more than $7,000 for each American, the number of deaths that would have been avoided hits 22,000 annually. Here's a worrying tidbit: the U.S. ranks 37th in World Health Organization's health system assessment.

Want to know which countries ranked ahead of the US? France leads the pack followed by Italy. The third, fourth and fifth though went to Andorra, San Marino, and Malta. It's safe to say that majority of Americans don't recognize the three countries

By the way, Principality of Andorra is located in southwestern Europe between France and Spain. Republic of San Marino is one of Europe's microstates just like Andorra. Republic of Malta, meanwhile, is located in southern Europe bounded by Sicily, Tunisia and Alexandria.

It could be argued though that the population of Andorra and San Marino of about 80,000 and 30,000, respectively are the main reasons why their governments can afford to provide hospital bills help, but what can account for the other densely populated nations ahead of the US? Countries like Spain, Singapore, Greece, Portugal, The Netherlands, United Kingdom, Switzerland, Australia, Denmark, Sweden and Belgium, among others?

Even its south and central American neighbors like Colombia, Chile and Costa Rica outpaced the US in terms of health care. As you can see from the list, there's a lot of room for improvement as far as the US health industry is concerned. And the reforms should come sooner than later as more and more families need hospital bills help each passing minute that we don't do something.

Medical Bills Help With a Stellar Credit Standing

Good credit standing pays... all the time. This statement is especially true if you need some medical bills help. Such payables are quite urgent and if you need quick cash, you know that a very reliable option is to go to some lending institutions. If you don't savings and/or it's obviously not enough, then you should get a medical loan. Next thing to note is that the only way that you can get quick medical bills help is if you have a stellar credit standing.

Let's say you used a credit card early. Practice good discipline in meeting your monthly dues and payments. It's not just because you need to look good in the papers but also because the interest rates of such loans can be suffocating. Banks will really chase you up to the last cent, so be really responsible for this. Start borrowing small amounts, don't max out often, and pay your debts off on time. This way you can breathe easy and you will still have something to borrow in case actual emergencies-like medical bills-- come around.

If you don't have a credit card, look at other parts of your financial life which comprise bills such as electrical bills, apartment bills, internet bills and even gadgets, appliances or jewelry which you haven't paid out in full yet. Such records may reach the bank's or the financial institution's hands and it will get in the way of you getting your much needed medical bills help. There are also a lot of credit investigators who will really study your financial behavior extensively. Don't sabotage your approval by making petty mistakes. However, if you have done them already, be very vigilant in correcting them as soon as possible. You won't know when you're going to need your next medical loan; but it helps to be ready when the time arrives.

Health emergencies usually come unexpected. That is why you must always be ready for the financial typhoon that it may cause when it DOES arrive. Pay off your dues properly and if you can, also try to invest in liquid assets (assets which you can easily convert to cash). Medical bills help may come in the form of a loan from a financial institution like a lending company or a bank but if you're known to have a good credit score then you might avail of personal loans or cooperative loans which have relatively lower interest rates and looser payment schemes. Another perk of being a good payer, isn't it? Don't let those medical bills shake you.

Medical Debt Help: Beware of Junk Debt Buyers

Junk Debt Buyers are also known by the perfumed name debt acquisition companies. What these companies specialize in is to assume the debts due to bankruptcy, unpaid mortgages, settlement or medical bills. The intangible nature of debt makes it very easy for a company to trade it with another collection agency. This has become a problem in the United States although not much attention is given to it, again because nobody could keep track of what everybody is doing as the federal government struggles to keep the economy afloat. So if you suspect that you are dealing with a junk buyer, seek medical debt help immediately.

First and foremost, you can go to a lawyer. Trading debts is illegal in all states and your lawyer can petition the court anytime which would result in the dismissal of the collection case filed by the junk debt buyer against you.

As you can see, there's a lot of risks involved for the junk debt buyer. So how do you explain why the practice is still proliferating? The easy answer, of course, is they get away with it by pressuring families that they will be haled to court if they won't pay their obligations. Usually, families don't know that their medical bills have already been sold to a junk debt buyer.

Second, the legal system has several weak points that allows these junk debt buyers to continue with the illegal practice. Just to cite an example, once you fail to seek medical debt help and default on your payments, the hospital will send your case to a collection agency. When your debts are sold to another company, the collection agency is not mandated by law to report any transaction to the credit bureau, which would have nipped the practice in the bud. Other debts that are considered suspect is when it is under litigation as in the case of bankruptcy or settlement.

To be clear, the practice of hospitals to hire collection agencies to do the dirty job for them in case of unpaid medical bills is not illegal. Once the junk debt buyer purchases that same debt from the collection agency, however, that's when the questions rise.

Essentially, what these collection agencies and junk debt buyers are doing is violating the Fair Debt Collection Practices Act. Under the law, they are mandated to inform you about the transaction but they are in a Catch-22 situation: they tell you and risked being alerted to authorities, they stay silent and break the law. The second option it turns out is more palatable considering the number of junk debt buyers still operating in the country. If you seek medical debt help for a lawyer, for example, you would know how to proceed such as demanding from the junk debt buyer the original documents and contracts, which it is in no position to do. Any lawyer worth his salt will not only ask the judge to strike off your debts but also impose sanction on the debt acquisition company.

Manage Your Medical Loan Right

A lot of people think that times have always been difficult for them, and no matter how much they earn, it seems to never be enough anyway. Sometimes, even if it's enough, it's really just that-enough. Many people live from paycheck to paycheck and more than 50% of the middle class Americans have a huge chunk of credit card debt. To add to that sad statistics, many people admit to not being able to save enough and save religiously. What happens now when an emergency strikes, like medical bills? Will a medical loan be enough to cover what you need covered?

The quick answer to medical emergencies are medical loans. You avail them because somebody in your family got hospitalized and your income can't pay hospital bills incurred and/ or you need more time to figure out how to cover all the expenses. Medical loans may be a quick way out of those piling medical bills but you must be careful about managing the cash that you get from such loans, because they're worth so much more than you can imagine. Here are some tips on managing medical loans properly:

Like getting any other loan, you must study the terms well. There are a lot of financial institutions which offer easy-approval loans but remember to read the fine print all the time. How much is the interest rate? How much is due per month? How much maximum time to you have to pay off everything? Study all the trappings that come with the loan and place it vis-à-vis your income. Don't be afraid to ask questions for anything that concerns help with medical bills. Being informed really helps a lot.

Will you, realistically, be able to pay it off depending on your regular income? If you think that the loan you're getting may be paid off with portions from your regular income, then most likely it is still safe to get that loan. The healthy ratio for the monthly due is 20-30% of your total income. With that, you'll still have enough to pay for your other essentials.

Now, for the difficult part: if your target time bracket (to pay off of the loan) seems difficult to beat, what is your Plan B? If you have assets which you can easily convert into cash, make a list of all these assets and consider pawning them off or selling them in case you're short for your monthly dues and you have no one to borrow money from. Never risk to miss out on a payment because the penalty fees may be higher than you can imagine. Many medical loans are classified under emergency loans like salary loans, so they have higher interest rates than regular loans like business loans and credit card loans.

Those are, pretty much, the things that you need to remember when getting a medical loan. Always put practicality at the top of your list and keep an open mind so that you are keen on your Plan B's in case things don't work out as planned.

Need Help With Medical Bills? Go To Your Trusted Lending Institution

There are times in our lives when certain circumstances cripple our financial standings and kinds of puts us in a daze. Sometimes we even drive ourselves to the desperate route just to keep up with the payables. One of these financial typhoons are medical bills. If it's not difficult enough that you have someone dear to you who's suffering from a medical condition, you may also have unpaid medical bills piling up the wall. Need help with medical bills? Let us shed some light on how turning into lending institutions can help you get out of this financial rut:

A lot of people avail the services and the loans offered by many lending institutions because despite the relatively higher interest (as compared to banks), they have faster approvals and faster loan releases. They are also looser when it comes to accepting collaterals. Unlike pawnshops, you don't have to turn the item in. And unlike banks, you don't need to fill up many documents.

Research for the lending institutions near you and look for the one which you trust the most. Canvass for the lowest interest rates, the best payment schemes and the most credible names. For this, you may ask your friends or you may do a little research online. Come up with a shortlist of the lending institutions that you want to check out in person and visit their offices to personally see how they deal with clients.

After that, check your credit standing. If you have a flawless credit score, then it would be easier and faster for you to get the medical bills assistance that you need. If you have a less-than-impressive credit score, then try to make it into its best form as soon as you can. Pay off the little debts that you have here and there-credit card bills, apartment rents, electrical bills, cellular phone bills, internet bills, etc. They all reflect your financial standing and you'd want to look as clean as possible when you face those credit investigators at the lending institution.

Lastly, take care of your assets. Get them appraised and make sure that your papers are complete and legit. If one lending institution appraises your asset too low, you can always move to the next one on your list. Also, if you consider having them sold instead of loaned (bigger cash to pay off those medical bills), a good thing about going to lending institutions is that at least you can have them appraised.

So that's it for your little trip to the lending institution. Hopefully you won't have a hard time getting the medical loan that you need. If you do get approved or don't get approved but get clarified why, the next time that you need help with medical bills, you know where to go...and how to do it. Good luck!

Keep Those Unpaid Hospital Bills From Piling Up

There are a lot of unexpected financial typhoons which may hit us at different time in our lives. One of the worst that can be filed under this category is unpaid hospital bills. If you or one of your family members get admitted in the hospital and your income cannot suffice, it's best to take on some of these tips so that you'll have enough to get by:

Get Extra Jobs and Gigs

If you have a regular job and you need extra income, the best that you can do is to try to book some gigs which you are familiar with. If you can't do it easily within your industry, you can search for online jobs which serve your interest/ skills well. For example, if you have done blog-writing in the past, maybe you can score some online content writing jobs. You may also do other easier link building tasks like blog commenting or forum posting. Just manage your time well. Whatever you earn will still be a big help for when you're needing all the help with medical bills that you can get.

Pawn off, Or Sell Assets

Another way to score some cash when you need some medical bills assistance is to pawn off some of your valuables. Most pawnshops have bigger interest rates than banks but you'll get the money fast and you don't need to gather and complete long documents. Also, you won't have to wait for days just to get the money. You can be done in minutes!

If you don't want to pawn off because you think it's better to sell your valuables off, you can go for the selling route. We're lucky because nowadays, the Internet makes it very easy for us to connect with other people. Therefore, putting your stuff up for sale is very easy. You can go to Ebay, to other buy-and-sell sites or you can even just post it on Facebook and offer the sale to your friends first. This way you don't have to deal with dues, fees, and interests; although it might take longer for you to close a deal.

Get a Medical Loan

There are a lot of financial institutions (including the government) which offer medical loans as a way to remedy those unpaid medical bills. They grant these loans to people who are qualified, of course, those who have regular income or those who can give a worthy collateral for the loan. The approval for such loans may range from minutes to around 3 days; it depends on the kind of loan that you are applying for. The best way to go through this easily is to have a good credit standing or have real assets ready as offers for collateral.

With these three options, you're sure you are not totally empty handed whenever the medical bills start to pile up. Just remember to manage your finances anyway you can, because those unpaid hospital bills can get suffocating whenever financial discipline starts to gain wider loopholes.

Debt Consolidation To Pay For Medical Loan

Consolidating your debts enables you to settle your medical loan in easy installment payments, some credit agencies even include credit card, auto loan or housing mortgage, if you have any, under this scheme. It must be said though that not everyone is eligible for debt consolidation. First, you are not in any way bankrupt and you still have some steady income left, second you are not qualified for the federal or state governments' Medicaid program, and third, you are not receiving any help from religious groups or any non-profit organizations.

If you are looking for a quick-fix solution for your medical loan, then debt consolidation is definitely not for you. Consolidating your debts work because the service provider is willing to bring down the scheduled payments to the minimum by extending the period for much longer. That's the only drawback. Of course, you go choose consolidation in the hope that the tide will turn around for you. Your situation may be bad now, what with the slowdown in the economy and high unemployment rate, but it wouldn't always be like this 10-20 years down the line. If you have extra money, you can settle the consolidated debts anytime.

There are two kinds of debt consolidation for medical bills:

Unsecured loan - Essentially, you avail of the another loan to pay your medical bills. The amount to be released by the crediting agency will depend on your credit history, household income, or extra finances. You can then use that amount to settle your medical loan. The screening process is very strict but only because of the distinct advantages. In case you default, for example, it will not impact on your credit score since you are only answerable to your service provider.

Debt management - The company that you hire will assign a loan manager who will be responsible in contacting your hospital, doctor or insurance company to negotiate for discounts on medical loan or offer you a more affordable payment term. Unlike unsecured loan, under this scheme you lay your credit score on the line although some prefer debt management to the former because there's no money involved between the consolidation company and the one who hired its services. The company, meanwhile, earns either a fixed amount or a percentage of the money saved as a result of the negotiation.

If you still have some assets left that you can sell or if you have a rich relative who can lend you money to pay off your medical loan, better hold on debt consolidation for a while.

When medical loan proves to be much of a burden, however, why not consider Chapter 7 and Chapter 13 bankruptcy to get some reprieve? Don't think of it as running away from your responsibility. Times are hard so you need some help in getting back on your feet. Bankruptcy has its advantages and disadvantages so you better talk to a bankruptcy attorney because he should be able to explain to you what to expect when you seek legal protection from your creditors.

The Underinsured: An Overlooked Sector In Medical Bill Debt

You might be surprised to know that a large number of families driven into medical bill debt are the so-called middle-class. These are families who can afford to pay insurance and more than likely, own insurance. But they are caught in a rock-and-a-hard-place situation: too moneyed to avail of the government assistance program but not nearly rich enough to settle their bills,without necessarily finding themselves buried in debt.

These are the country's underinsured and, for all intents purposes, the country's overlooked. Statistics from ten years ago revealed that as much as 70% of the underinsured were pushed to brink of bankruptcy because of medical bill debt. The figures today aren't much better because the broken health system remains. The numbers could even have ballooned when the financial crisis of 2008 and the ensuing US recession left millions of families struggling to stretch their monthly household budgets.

In America today, more than ever, nobody is allowed to get sick. Moreso the underinsured.

To be sure, the reforms will not be easy because the problems cuts across the supply and service chain. From loopholes in health laws, insurance companies that take advantage of these gaps to decline claims, to doctors saddled with non-payments of services and high malpractice lawsuits and finally, to employers who are forced to pass on to their employees the burden of paying for their insurances in order to cut costs. (We are not even mentioning those employers who take advantage of the economic crunch to eschew paying for insurance.)

Creating a perfect storm is the lack of extra money as families realign savings to pay for the mortgages, utility bills, education and day-to-day expenses. Without savings of their own, it goes without saying that they couldn't afford to pay the co-pays or co-insurance requirements as well as the deductibles, or if their insurance policies do not cover the medical procedure they are seeking.

More often than not, it's not the catastrophic disease that contributes to a medical bill debt when you have no more savings. It's the little things. Consultations that you postponed because you couldn't pay the doctor's fee, procedures you deferred due to lack of money, and the medicines you failed to purchase. These variables add up over time, either your condition worsens or your savings deplete.

Medical Bills: Help For The Uninsured

In cases when the unexpected happens such as accidents, or during unexpected incidence of illness of a loved one, you will want to have some sense of security. It'd be good if you've managed to set aside some savings or if you are insured. Savings and insurance both serve as a buffer for your confidence. At least if ever something goes wrong, you will have viable options. However, if you don't have a lot of savings and are uninsured having a loved one confined in a hospital, and the need to pay off medical bills is something that is very worrisome indeed. But don't fret, getting medical bills help even if you're uninsured is possible.

The first course of action you could take is asking the hospital about a medical bill consolidation program. The hospital's staff will be the best people to approach for questions about this. Since the staff are consistently exposed to people who experience difficulty paying off bills they are usually sympathetic. They just might be able to recommend a community service group that offers help to people with these kind of troubles. Discounts are based on your income and they can range from 5%-100%!

Secondly, it'd be wise to set up a payment plan based on your income. If you don't have insurance then your bills might start to seem unmanageable. The hospital's billing department can be pretty understanding if you are open to them regarding your financial situation. Your medical bills debt can be easier to pay off if it's spread over a longer time period.

Third, wait for all the charges to arrive after a medical operation. It's not a good idea to pay for your bills without sorting through them first. Not sorting through the charges first can be pretty problematic because it's more prone to error. You need to be absolutely certain that you're not being charged for a treatment you did not avail of or that you weren't double charged for any particular treatment. Medical billing is not really the most accurate type of billing in the world. So it's best to be meticulous in paying for those.

The bills aren't impossible to handle even if you're uninsured. It just takes some effort on your part to find the right help. If you manage to do the things said above, your worries regarding your bills will soon be behind you.

File Medical Bankruptcy

The term medical bankruptcy relates to the reason why an individual or married couple files a Chapter 7 or Chapter 13 bankruptcy - that is, to either eliminate or reorganize overwhelming owed medical debts. Medical debt in most instances includes doctor, dentist and hospital bills. It can also include debts owed to medical laboratories, ambulance services and health insurance companies.

Medical bills are an increasingly growing reason of why Americans file bankruptcy. A Harvard University study in 2005 stated that medical bankruptcies accounted for fifty-five percent of all bankruptcies filed. The trend of filing medical bankruptcies has increased in the subsequent years since due to the nation's economic woes, even though over 75% of all current bankruptcy filers are covered by some form of health insurance.

Chapter 7 and Chapter 13 bankruptcies deal with medical debt in two very different ways. Medical debts are classified as "unsecured debt" - that is, there's no collateral like a house or car that is attached to the debt and that can be repossessed if the debt goes unpaid. Credit cards, utility bills and payday loans are also unsecured debts.

Chapter 7, sometimes referred to a "complete bankruptcy", is designed to fully eliminate all unsecured debt, including one's medical and hospital bills. Individuals and married couples have to qualify for Chapter 7 based on their income & expenses, and can only file a Chapter 7 bankruptcy once every eight years.

Chapter 13 is designed to help a person or married couples repay their medical and other unsecured debt over a sixty-month period. Commonly referred to as the "reorganization bankruptcy", Chapter 13 is created and formed around the filer's subjective financial circumstances. Depending on one's assets, income & expenses, it's possible to pay back as little as zero to ten percent of one's owed medical and unsecured debts.

Where To Go For Medical Bill Help

There are some things that you just can't foresee. Even when people try to load up on vitamins and live healthy lifestyles, sickness is sometimes just not avoidable. Some circumstances are really beyond our control. Getting sick or getting injured from accidents are among these instances. If you're confident of your ability to pay off medical bills then all well and good. However if you're not, then you will want to look for medical bill help. And if you're like most people you will not know where to go. So here are a few tips on how you can find the help you need.

Medical bills are rarely cheap. And you'll want to find help as soon as possible. Luckily enough the first place you can go for help is at the hospital. The hospital's staff are usually knowledgeable when it comes to outside organizations that offer financial assistance for people with unpaid medical bills. Be open with the hospital staff and they'll be able to advise you regarding where to go for more help. The hospital's billing department can also arrange for an extended payment plan to give you more time to pay the hospital bills.

Another option you could try is applying for a medical loan. There are a lot of financial institutions out there that offer this service.This option is something that may not appeal to most people because of the need to pay interest. But if your loved one is in serious need of medical help this is probably the quickest way to acquire the necessary finances. Sure paying interest may be a burden in the future, but helping your loved one should be a priority too. So you might want to take this into consideration.

You could also trying going to a government assistance center for help. The Department of Health and Human Services actually provides assistance to people who are in need of help with their medical bills.

If the particular medical treatment that you or your loved one needs is costly and you're dealing with limited resources you might want to consult a lawyer for more options. Experienced attorneys will know about how and where to go for financial assistance for bills as well as how to avail of these services.

When confronted with the problem of paying for bills don't let your worries cloud your judgment. There are a lot of places to go to for assistance. It's simply a matter of knowing where to go.

Medical Bills Assistance, A Viable Option

Knowing that a loved one is sick is something that will weigh heavily on anyone's mind. The loved one's suffering isn't all that you would need to worry about. Finding money for treatments is another problem all on its own. Having to pay medical bills is an added burden. If you have the finances then the problem is manageable. However, if you're faced with a major sickness of a loved one and have no financial resources then you're in for a tough time. Here are a few tips for medical bills assistance:

The U.S the Federal government provides medical bills assistance from the U.S Department of Health and Human Services. These programs are funded by the government to help provide you with personal health care and health services for your family as well. There are many programs on a local level that can help you should you be in need of help with medical bills. Basically what you have to do is go to a local assistance centre and ask around. Who knows, maybe the answer to your problems regarding medical bills is just a few blocks away.

Another option you could take is to apply for a medical loan. We all know that certain treatments really cost a lot of money and if you can't finance your loved one's treatment with existing resources then you might want to go with this option. There are a lot of financial institutions that actually offer these services. If you go online you will find that there are a number of trustworthy banks that offer medical loans. So you may want to consider this course of action as well.

Also, it would be a good idea to consult with a reliable lawyer regarding your options. Some lawyers don't charge fees for simple consultations. A good lawyer will know how to best address your current financial problem with the remedies available in your state. A good lawyer will also know where you can avail of loans at the best possible interest rates. So if you're looking for help with medical bills then you might want to consider a lawyer's advice too.

So there, if you're faced with the difficult problem of having to pay medical bills for a loved one don't fret. There are a number of options available to you. The problem of having inadequate finances and a sick loved one can be dealt with if you just know where to go. Have yourself some solid medical bills assistance through our three tips above.

Avoiding Deep Medical Bill Debt

In life there are a number of circumstances that are unavoidable. No matter how hard you try and no matter what precautions you might take, there are certain events that just happen. Accidents and sudden occurrences of sickness are probably the foremost examples of these. However, the fact that they can happen at any time shouldn't deter you from taking steps to lessen the harms that may arise as a result of these. A lot of people have a hard time paying off medical bills because of limited resources. Usually people who find no other alternatives will fall into the trap of medical bill debt. This doesn't have to be your situation. A bit of financial prudence will go a long way. Here are a few tips to help you out in avoiding medical bill debt.

The first tip is simple. Save. In times of emergencies, nothing beats having money to spend. Having set aside your own money means that you don't have to borrow money in order to finance the treatments of your loved ones. This may entail a few sacrifices on your part, such as lessening your regular expenditures and maybe putting off buying your dream car. It may seem like a burden at the time. But should the unthinkable happen and a loved one ends up needing medical treatment and you end up with unpaid medical bills; you're not buying a luxury vehicle just might become the best choice you've ever made.

Second, when paying for the bills, be sure to check and recheck the breakdown of expenses on the receipt. There is no perfect accounting system, so there's still a possibility of error in the hospital bill. Should you notice something wrong or are uncertain about in your receipt don't hesitate to inquire about the breakdown of the expenses. You don't want to pay more than you have to during the collection.

Third, you could apply for a payment plan. Hospitals are usually willing to help out their patients who find difficulty in paying for the services. The will actually allow you enough flexibility in order to slowly pay off the medical bills.

Medical bill debt is really something to worry about but it's not unavoidable. Just keep in mind the pieces of advice stated above. If you manage to do these things, then you will most probably never have to worry about unpaid medical bills.

Where Can I Find Help With Medical Bills?

Many Americans need help with medical bills that keep piling up on their kitchen table. With no money to pay them, these bills only become a source of anxiety. Depending on the state you live in, there are limited options available to assist you with unpaid hospital bills.

A good place to start looking for help with medical bills is by enlisting the services of a medical billing advocate. This is a third party who helps comb through your unpaid medical bills to make sure there are no errors. They also see if pricing is fair on the medical procedures. They can negotiate your debt when paying off hospital bills.

Seeking assistance from your state may be an option, if the state offers programs. Many states offer protection for their constituents against harsh collection practices. Certain states have made it illegal to garnish wages and use other aggressive collection practices for the recovery of unpaid hospital bills. Some states offer health coverage to individuals with no coverage who meets the qualifications. For patients that are diagnosed as terminal or disabled, state and federal governments almost always offer full-coverage programs.

Help with medical expenses will not be necessary if you seek free medical help whenever possible. There are free medical clinics that offer services to anyone in need of medical attention. There are also free prescription programs to aid with the expense of medicines. However, as we all know, medical attention is generally unexpected. Free clinics and free medicine is available in many areas, so take advantage of the free services when you can.

If you find that you do not qualify for any programs or if there is no help with medical bills in your area, you may consider bankruptcy as an option for resolving your unpaid hospital bills. You cannot ignore the bills for long before the hospitals begin collection activity. Be proactive and find the right resolution before your problem gets out of hand. Seek help with medical expenses and get back on your feet now!

Unpaid Medical Bills Are Overwhelming

Unpaid medical bills are all too common in American households today. Unpaid bills from doctors or hospitals warrant numerous daily phone calls and daily mailings demanding you to pay back the money you owe. Whether you simply lack of good medical coverage or you have no medical coverage at all, everyone is in need of medical debt help.

Medium and low level income families who can get medical coverage through their employers generally do, however the balances left after the insurance company has paid their percentages remain. These balances can become the unpaid medical bills that haunt you daily if the out of pocket costs of medical coverage are still too high. Often, however, the insurance offered by employers is too expensive for many people, especially those on minimum wage salaries.

The need for medical care is an unexpected expense. Many of us don't have extra funds to compensate the difference in what the insurance companies pay. Those with no insurance do not receive the care they could if they had insurance, often leading to even greater expenses when their problems become too severe to ignore. The medical industry is aware of the high percentage of unpaid medical bills and tends to provide just enough care to readily discharge you.

There is little medical debt help available to Americans. Some private hospitals offer reduced rate programs for those with low income or no insurance coverage. Few states offer medical coverage to adults who are not senior citizens unless they are disabled or terminally ill.

People are left with the stress and worry of how they are going to pay hospital bills. Those that can afford payment plans set them up. However, depending on your amount of unpaid medical debt and on the size of your monthly payments, that may not be a valid option. The reality of the situation is that many people end up forced into a medical bankruptcy because of their tremendous amount of unpaid medical bills. Filing for bankruptcy is not what most people want to do, but many are left with no other alternative to relieve themselves of their unpaid medical debt.

7 Ways To Reduce Medical Bill Debt

When you've come across an unexpected expense as a result of medical emergency, it's essential that you don't panic and decide immediately when your mind is clouded. The first instinct in dealing with medical bill debt is to swipe your credit card and worry about that problem later on.

But experts advise against this method as it will only compound your problems. This is especially true if you can't settle your credit card debt and it ruins your credit history. Chances are you will find it more difficult to secure a loan in the future on credit card debt rather than medical bill debt, which understandably loaning agencies look at more leniently.

Here are just some of the ways to reduce your medical bill debt:

1. Bargain like your life depends on it, which for all intents and purposes it does. Regardless of the way they are negatively portrayed, doctors and hospitals are actually open to negotiation particularly if your circumstances are dire. If you have a scheduled surgery for example, contact the billing department immediately and ask for a discount. Studies showed that hospitals are willing to reduce medical costs by as much as 70% if you pay in cash.

2. If no discounts are available, ask for an affordable payment plan instead. You may risk paying interest under this scheme. Remember, do not promise something you can't fulfill later on. So the monthly amortization should be realistic accounting for your monthly income and expenses. Now, if you run into an unexpected problem (like unemployment perhaps), contact the medical provider immediately.

3. Seek assistance from charitable institutions to settle medical bill debt. One should be available through your hospital. These could be religious, civic institutions or a separate program of the hospital itself. Understand though that you're up for some stiff competition to obtain some of the meager resources so you have to be prepared to lose out to others who are in more dismal state than you.

4. Check your bill for errors in postings. If you don't know how seek expert advice. Your insurance company would only be willing to help you make sense of all the medical terminologies and abbreviations. If you don't have insurance then there are credit management companies that may bill their services as a percentage of the savings they help you get as a result of their intervention.

5. Study your insurance policy. Understand the terms deductibles, cost-sharing, lifetime caps, co-pays and co-insurances. Have your insurance company or your own employer explain to you what the covered services are so you will not be taken by surprise when you do receive your bill and your request for reimbursement will be denied.

6. Research. Don't just go to any doctor or hospitals if you have a scheduled medical procedure. Call around and compare prices just so you know what to expect when you come in. Ask if they have some payment plan available or a charity program that you can apply for.

7. Seek non-profit groups and ask for credit counselors who may be able to help you manage your medical bill debt. These counselors are only too willing to help you make sense of your bills and draft a bargaining letter to be sent to the hospital's billing department if necessary. They can also help you make a monthly budget to cope with the difficult times ahead.

If all else fails, consider seeking legal advice on how you can protect yourself from all your medical bill debt. Would bankruptcy be an option? Consider the pros and cons of such a move. Only a bankruptcy lawyer can explain to you the advantages and pitfalls of seeking protection before the courts.

How To Resolve Medical Bill Collections

Overwhelmed and under paid, and to top it off you have to deal with medical bill collections. No one wants to deal with collections departments, however if you know how to negotiate you may be able to resolve your unpaid hospital bills.

The goal of the collector is to recover the money owed or work out a payment arrangement. If your goal is to do the same, here are some helpful steps:

Be polite and let the collector know you want to pay the bills, however you don't have the means for paying off medical bills balance now.
Provide all information required to show financial hardship to qualify for a payment plan on your unpaid hospital bills.
Make a reasonable monthly offer for the payment plan, however always give a lower number than you can afford to pay. The collector is going to request you pay more than the number you provide. Doing it this way gives you an affordable amount and gives the collector what they want.
If possible set up post dated payments extending out three months at a time. This prevents monthly calls from the collector.
If you have about 40% of the money you owe in total, make a settlement offer to the collector. Medical bill collections will settle your debt for a lump sum payment, less than the amount owed. If you have the means to do this follow these golden rules:
Get the settlement offer in writing. It must include balance, settlement amount accepted and date to be paid by.
After you pay the settlement amount follow up with collector and get a settlement paid letter, showing you satisfied the terms of the agreement. This is proof that you paid off the debt for a less amount, if future calls continue attempting to collect on the unpaid portion.

In the event that you cannot make monthly payments or a settlement on your medical bills collections, you may want to consult with a bankruptcy attorney for advise on a permanent resolution.

Common Mistakes To Avoid In Medical Bill Debt

nlike other loans, medical bill debt is not as easily avoided. These can be quite expensive, from simple physical assessments to complicated surgeries. When people do not have insurance or when they are not covered by the National Health Service (NHS), they may have a hard time paying for all their bills. In these cases, filing for a medical loan can be the only hope left.

When unpaid medical bills put you in financial trouble you need to be careful. Like any other debt, it could also lead you to bankruptcy. Here are some common mistakes you need to watch out for when you're faced with high medical bill debt.

• Failing to read what you sign. It might be tempting to just sign a document when it is pushed towards you but you need to read and understand it. Signing a document means you're accepting the responsibility for whatever needs to be paid alongside the enclosed rules hidden in small letters. In these cases, it is important to hire a lawyer that can guide through the whole process.

• Failing to pay regularly. Usually, the debt needs to be paid in an installment method. You may need to pay monthly or even more often so you can pay your debt off as soon as possible. When you fail to pay on a regular basis, the creditors will come after you.

• Failing to request for a detailed statement. You may not be the best person to ask when it comes to medical jargon but you need to ask for an itemized list of the medical expenses you incurred. This way, you can be sure that you are paying for services you have acquired.

It is always recommended to be careful when dealing with debt in order to avoid problems in the long run.

Using Bankruptcy Medical Bills To Your Advantage

Nowadays, medical treatments are priced five times more than they are used to be, even when you acquire them in the less expensive and less popular hospitals. Although people tend to avoid going to hospitals as much as possible, especially those who are without health insurance, there are circumstances that still lead them to the hospital doors. If truth be told, filing for bankruptcy medical bills is not a bad thing. In fact, it is considered to be an ideal financial option for those who are unable to pay their medical bills. Here's how you can make the most out of bankruptcy.

Tip #1- Ask for the detailed hospital expenses. Even in the age of computers, it is still possible to make mistakes. Hence, it is important to ask for an itemized list of your hospital bills. This way, you can ensure that you're paying only for the medical treatments that you have been given. You can also reduce the cost that the government has to pay once you file for bankruptcy.

Tip #2- Don't be hesitant to ask for help. People tend to be scared of filing for bankruptcy. What they don't know is that it is one of the best options when you're faced with steep medical bills. You will no longer have to work on being qualified for various organizations and charity cases. In fact, you will no longer have to dread picking up the phone or receiving letters from the hospital or your creditors. Once you file for bankruptcy medical bills, most of your debts will be cleared, allowing you to live with a clean slate once again. However, it is important that you ask for advice and assistance from bankruptcy lawyers. They can help you keep the bankruptcy process as smooth-sailing as possible. They can also help you determine the right steps to take after bankruptcy has been filed.

You don't have to be afraid of bankruptcy medical bills. It is a good option to turn to when you're unable to pay hospital bills.

Chapter 13: When Trying To Settle Bankruptcy Medical Bills

If your debts are too high but pride prevents you from seeking protection under Chapter 7 bankruptcy then Chapter 13 may be the option for you. Whereas Chapter 7 allows you to start with a clean slate, Chapter 13 is a repayment plan supervised by the court. If you fall within an income category or if you are currently unemployed, the court will also allow you to pay only a portion of the total medical debt. Most people who file Chapter 13 have incomes much higher than what Chapter 7 allows.

The repayment period under Chapter 13 bankruptcy is around 3-5 years. One advantage is you get to keep your non-exempt property, which would have been sold to pay of the creditors under Chapter 7 proceedings. People who file for Chapter 13 have something in common:

They want to pay their medical bills but their current situation does not allow them to do so.
Because of their medical bills, they are behind on mortgage or car loan payments.
You already filed for Chapter 7 bankruptcy last year or seven years ago. You can only renew application for Chapter 7 after eight years.

There are other requirements to filing Chapter 13 bankruptcy medical bills but a lawyer will be able to explain to you better the constraints and benefits of the proceeding. For example, you can't file Chapter 13 if your debts are already discharged more than two years ago. Filing bankruptcy medical bills also does not automatically eliminates taxes, alimony, child or spousal support, student loan or criminal and civil liabilities.

It's important that you consider all your options and reflect on the advantages and disadvantages of filing Chapter 13 or Chapter 7 bankruptcy. Don't jump to a decision without first consulting with your family, friends, co-workers and lawyers. Remember, you will end up dealing with the consequences of your actions so no matter how valuable their advises would be, the decision of whether or not you file for bankruptcy ultimately rests with you.

Chapter 7: Protection From Bankruptcy Medical Bills

Medical bills are the most common reason for people seeking bankruptcy. However, seeking protection from Bankruptcy medical bills is possible because hospital bills are considered as unsecured debt. A Chapter 7 bankruptcy is perfect in the sense that it is the quickest and the debtor can walk away with just a few nicks and cuts, particularly some properties that are not covered by exemption and your overall credit score, which may impact your ability to secure loans in the future.

Bankruptcy medical bills could be the best thing that you can do to restart your financial future with a clean slate. There's a certain stigma to declaring bankruptcy but it's actually a very personal matter. Your privacy is protected and you can still move forward with your life as opposed to the misconception that you walk away only with your clothes on. In some cases, you can even keep your car under bankruptcy.

What happens is the court designates a trustee that will inventory your properties, determine which are exempted and sell those which are not. The money raised from the sale will be used to pay your creditors. To know which properties are exempted from Chapter 7 bankruptcy, talk to a lawyer proficient with bankruptcy laws. Some examples of properties covered by exemptions are: your house, tools or equipment you use in your profession, social security, disability or unemployment benefits, or life insurance. There could be some additional exemptions depending on state laws.

After filing bankruptcy, the court orders the creditors to stay away. But the law also allows creditors to prove that they are justified in collecting your debt, the burden of proof however swings to their side. Bankruptcy however will not wipe out all your debts. Any lien you owe prior to the medical emergency stays on records and you are required to settle it in due time.

Filing for bankruptcy medical bills will not automatically exempt you from paying the IRS. There are conditions before the federal tax agency will let you off the hook. Again, consult a bankruptcy lawyer to explain to you all the gradations of law in relation to Chapter 7 bankruptcy medical bills. You might be able to ward off your creditors but you can't get away from the IRS. Federal agents can still swoop in even after bankruptcy and seize your properties but only if they decide that you are trying to run away from your responsibility as a taxpayer.

Where To Find Help With Medical Bills

The present times have brought us technological advancements that lengthen our life span and make living easier even with debilitating diseases. Nevertheless, these medical treatments also come with steep medical bills. In fact, most people tend to delay going to the hospital in hopes that they don't need to pay for the hospital bills that come with seeking medical attention. However, when an unexpected accident or a disease comes up, there is no longer a choice left but to go to a hospital. Luckily, there are now different methods and organizations that are willing to help with medical bills. You only need to find which one works the best for you.

• Ask your hospitals. Typically, hospitals are willing to refer you to their charity service cases, which will help with medical bills by approximately 50-75%. These charity cases exist in return for the decreased tax revenues the government will charge of the hospitals. However, you may need to be in a certain income range to be able to qualify. Another option is to negotiate with the hospital and your doctor by explaining your situation. Most of the time, they cut the costs and you can pay less than you are expected to.
• Approach your government. You may not be aware of this but the government provides various grants to help pay hospital bills of those who are qualified. Typically, the grants are open for children, for senior citizens for disabled people and for those who are suffering from diseases that need lifetime treatment. If your case qualifies then you can easily get help with medical bills.
• File for medical loans. This is usually done even when people don't have health insurance. With affordable interest rates, it is easy to pay back your loans and pay hospital bills at the same time. It is also easier to qualify for a medical loan compared to charity services or government grants.

Finding help with medical bills don't need to be strenuous. As long as you are determined to pay off your hospital bills then it will be worth it.

M. Baylor, of Hurst Texas, grew up with both parents as doctors. Laws concerning medical care governed his fascination as he grew up. As a paralegal in Allmand & Lee, Marcus maintains an informative blog about medical bill debt, medical litigation, and the latest in the health care reform bills and government programs.

Filing Bankruptcy Due to Overwhelming Health Care Debt? Protect Your Future

Once you have decided to file bankruptcy to relieve overwhelming medical debt, you must consider how to best protect yourself in the future. Unless you take measures to prevent this debt from reoccurring, you can once again find yourself in medical debt without the benefit of filing for another bankruptcy. Protecting yourself from future medical debt should be one of your first concerns while filing for chapter 7 or chapter 13 bankruptcy. Individuals who have gone through bankruptcy due to devastating medical expenses have learned the hard way that their medical insurance was inadequate, and failed to completely protect them from financial disaster. Most individuals are insured through an employer-provided health care plan. These plans usually cover only a small percentage of the costs incurred after a catastrophic illness or emergency. Some individuals purchase their own health care plans. These individuals are usually self-employed. Individualized health care coverage is very expensive, and these plans have limitations as well. Still, there are options an individual can take to supplement their medical insurance coverage, minimizing their risk, of once again, becoming overwhelmed by medical debt.
Customizing health insurance can be a useful tactic. Individuals who purchase their own medical insurance have the advantage of tailoring their insurance plan to suit their individual needs. They can change their deductibles and coverage to reflect their specific health circumstances. Although employer-provided health care insurance is usually cheaper, there is decreased ability to modify this plan to meet their individual needs. One option some employers offer is to provide a stipend in place of health care insurance. This allows an employee to shop for a more personal insurance plan.
Catastrophic coverage is another option an individual can take to protect themselves from future medical liabilities. Catastrophic medical coverage is less expensive, and can be useful in enhancing an individual's health plan by covering just medical emergencies.
A Health Savings Account (HSA) can be a useful tool in managing medical debt. It is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan. The funds contributed to a HSA are not subject to federal income tax at the time of deposit. These funds roll over and accumulate year to year if not spent. This approach allows the individual to set aside a certain amount every month into their HSA. These funds may be used to pay deductibles and other health care expenses not covered under their health care plan. A Flexible Spending Account (FSA) is another tool employers offer to assist employees to manage health care costs, but FSAs have significant disadvantages.
These are a few examples that individuals can consider when optimizing their health care insurance to protect them and their loved ones from medical debt and the threat of bankruptcy. There are many other concerns an individual must consider when planning for a medical emergency, such as the loss of income. Medical emergencies are very unpredictable, and no individual is immune to the possibilities of a medical crisis. It's a good idea to plan ahead for the financial impact of a potential health care crisis.

Medical Bankruptcy: Fact or Fiction?

You have probably heard someone use the term "medical bankruptcy." This is a word commonly used by individuals who either are going through a medically related financial crisis, or are acquainted with someone who is facing severe medical debt. Although medical bankruptcy is not a legal term, it is a useful term to describe a financial remedy for an individual who may have reached the end of their rope because of medical debt.
Medical bankruptcy can be a misleading term because there is no legal remedy available exclusively for medical debt. In general, bankruptcy is the dissolution or reorganization of some or all of an individual's debt. When you file for any type of bankruptcy you must include all your debt. This would apply to home mortgage loans, car loans, credit cards, and medical debt. There are several types of bankruptcies, but most individuals filing a bankruptcy for medical debt will typically file for a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy may allow an individual to eliminate their debt, while a Chapter 13 bankruptcy can allow an individual to reorganize their debt into a 3-5 year plan, while at the same time reducing the principle on their debt.
The idea that a medical bankruptcy exists as a legal remedy may have developed because the court handles medical debt in a different way than they might other types of debt. Not all debt will receive the same treatment in court. A bankruptcy court will generally divide an individual's debt into two classes: Secured Debt or Unsecured Debt. Secured debt is the type of debt that is usually tied to assets like an auto loan or home mortgage. Unsecured Debt is usually not tied to assets, yet can often be eliminated or greatly reduced through a bankruptcy. It's important to realize that medical debt is usually classified as an unsecured debt.
While the term "medical bankruptcy" is not a legal term, it is a useful way for an individual to describe how their finances fell into chaos. An experienced bankruptcy attorney will immediately understand what a client needs when they inquire about a medical bankruptcy. A bankruptcy attorney can then inform them how a bankruptcy could be a solution to their financial hardship caused by medical debt, and even help the individual decide whether a Chapter 7 or Chapter 13 is most appropriate for their situation. Once an individual has decided the best course of action, the attorney will then lead them smoothly through the legal process of filing, and obtaining a bankruptcy.

Medical Bankruptcy: Who Is Affected?

At this time, there are many things that give a difficult to many individuals and also to families. It can be in the simple form of paying monthly bills and also the daily necessities of each family member particularly to those who need to go to school. And this is why there are an increased number of people who are filing for bankruptcy. Their main reason is because of the economy changes which affected their income or even experienced unemployment which is one of the common situations at this time.
If there are people who are filing for bankruptcy because of the tight situation they are in and for not having the capability to pay for the bills and other things that involve house payments, another kind of bankruptcy known these days is the medical bankruptcy. It is not a new that many individuals are also filing for this type or field, however with the entire bad economy situation the number of the people who filed for it also increased. Of course the unemployment the increased prices of products affected many families especially the ones who are in a tight budget and is only a minimum wager.
Medical bankruptcy is commonly filed by middle range families or the ones who only earns by the minimum wage. And being hospitalized even just for a few days could be very difficult for them because the laboratory tests, medicines, and confinement will surely cost a lot. To add more, having no insurance policy for your family could also be a problem, but then again acquiring insurance would also cost money and would be difficult to pay. And this is why many have resolved to the option of filing bankruptcy to aid the problem in the mean time.
On the other hand, it does not mean that a person who already has an active insurance policy would escape the grasp of bankruptcy. We all know that to be sick is very expensive. Once you get to the hospital, you will have to pay for a lot of transactions will really rip a lot from your income making you whole budget tight or not enough. If you are just in the hospital for a small check up is fine, however in cases that the person have to go through intensive examination and laboratory tests, it will absolutely cost a lot.
Filing for medical bankruptcy can be prevented by keeping your own self healthy and good condition. And by adding a personal insurance policy to the list could even lessen the chance for you to file for it. However, in cases that you have no other choice, keep in mind that this option is available for you to take but some consequences will be held. But as long as you prevent having medical problems, you can prevent uprising bills that can lead you to filing for it, but of course nobody could tell what is going to happen. That is why try to prevent it as much as you can even in your own simple ways.

Alison Gilbert writes about where you can get information about Medical Bankruptcy on her blog, visit the Medical Bankruptcy blog for more information about it.