The cost of health care is rising at a steady pace and is creating havoc for many South Carolina families. Unlike credit card debt, medical debt is usually accumulated from unforeseen illnesses or accidents. Whatever the case may be, tackling the debt head on may help lessen the burden on families and help them regain control of their finances.
As the cost of health care continues to increase, many families with health plans are forced to pay high deductibles, with many of the upfront costs going unpaid. As the bills come in, it is important to understand the difference between a bill and an explanation of benefits. EOBs not only show what an insurance company may have paid towards the claim, they can also prepare an individual for the medical bills that will soon arrive. Understanding the complexity of a bill may help clear up any mistakes and possibly save a person thousands of dollars.
Paying off medical debt can be a challenge for most people. If someone is unable to pay the balance in full, other options may include payment arrangements, qualifying for Medicaid or putting the bill on a credit card. If these solutions are not feasible, settling the debt may help one get rid of the debt faster.
Filing medical bankruptcy can seem frightening, especially when someone is misguided. South Carolina residents who are seeking this option may benefit from experienced legal counsel to not only provide them with adequate information but to also help them determine any eligibility for discharging medical debt. A fresh start may help build a stronger financial future.
Source: thebalance.com, “Tactics to Deal With Unpaid Medical Debt”, LaToya Irby, Accessed on Jan. 23, 2018
