How to Negotiate Down High Medical Bills

by Mrs Money

Post by Travis Holmes

Medical bills are often inflated to make up for the fact that many consumers remain uninsured. Health insurance is quite expensive and it does not fit into everyone’s budget. You cannot control when medical emergencies happen but you can work with the hospital to obtain discounted services due to lack of insurance and lesser income.

Ask About Financial Assistance

Nearly all hospital situations have financial assistance available. At the time of registration, it is ideal to ask for information about this program. In most cases, forms can be filled out on the spot to receive assistance with your bill. In other cases, you may have to wait for the bill to arrive to speak with the financial aid department for a reduction.

Discuss Reduced Fees for Cash Paying Patients

Some hospitals, urgent care facilities and doctor’s offices will charge a reduced fee for those on limited budgets or for those that simply do not have insurance. The rising cost of healthcare warrants this being necessary. So many hospital bills go unpaid due to their size. Hospitals will work with people on limited or low incomes to ensure that they receive proper care and can repay the bill.

Review the Itemized and Detailed Bill Received

Always request an itemized bill. This shows every test, medication or treatment given to you and its cost. In some cases, over-charging does occur and it leads to hospital bills being hundreds of times more in the end. Review the bill and ensure that there are no exorbitant costs on it. If you find discrepancies, contact the financial aid department at the hospital immediately to begin working on lowering the bill.

Discus Medicaid Options

With some hospital systems, the need to apply for Medicaid, or that state’s version of it, will help to get the bill reduced some. This shows the hospital that you need medical attention but do not have the ability to repay them. Even just applying for Medicaid lowers your overall bill since financial distress is noted.

The amount that you see on the bill is not always what you pay at the hospital. Hospitals expect patients to negotiate and get reduced bills, so this is often the reason for the inflated prices to begin with. Although most bills go unpaid, a hospital still has to treat you when you need it. Try to do your best to negotiate the final cost and work out a payment plan that works for your income levels.


Ever Heard of a Payday Loan?

by Mrs Money

In the loan industry, there are several types of niche products. Many people are aware of some ofthem. These can include hard money loans, jumbo mortgages and interest only loans. However, there is another type of niche product that many people have not heard of which is called payday loans. Let’s take a closer look at what a payday loan is and why someone might need one.

From time to time, people get into financial trouble. This can happen because of a job loss and a loss or their primary source of income, escalating debt, declaring bankruptcy or a variety of other reasons. One of the outcomes of encountering these issues is an inability to make payments on your bills. The obvious need is for a way to still receive a paycheck so that you can pay your bills on time and avoid late payment penalties and additional interest charges. Wouldn’t it be great if you could find a way to get money to pay your bills even if you aren’t receiving a paycheck from an employer?

This is where payday loans come into play. The lending industry has discovered an increased need

for this very type of product. With today’s financial climate effecting the income levels of many people all over the world, lenders have come up with a creative new product called a payday loan to solve the problem. A payday loan is almost exactly what is sounds like, it’s a loan that you take out to act like a paycheck or payday from an employer. You would obtain this type of financing on the weeks that your bills are due and you can’t pay them. The lender will then loan you the money so that you can pay your upcoming expenses.

Payday loans are micro loans in the sense that they are made in very small amounts, however, receiving many of them over the course of the year can add up to a hefty sum. These loans are easier to obtain as there’s generally no credit check required to receive them. The other thing to understand is that payday loans are very risky for lenders. They know that you already need the loan because you have a loss of income, so they understand that it might take them awhile to get paid back if at all. Because of these two factors, payday loans charge higher rates of interest.

Before taking on a payday loan, make sure that the loan makes sense. In some cases it can because even though you’re paying high rates of interest, you are still saving money vs. the interest you would pay on a credit card when you add in the late fees. It also makes sense to use payday loans as a type of bridge loan to get you by until you find a new job or if you’re trying to avoid foreclosure. There are several companies that offer these special loans both on-line and locally but you might have to search around a bit longer than with a standard loan. One such company qualifies payday loans for South African people. Do your due diligence on the company that you do finally choose to do business with and make sure you form a good relationship with them so that you can do business with them again in the future if you need to.

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