In case you haven’t noticed, the cost of medical care in the US has gone up quite a bit for the everyday consumer. You are now paying more for your health insurance, healthcare costs in general are increasing, and so are your out of pocket costs. There is just more, more, and more to everyone associated with your healthcare from ambulance services to nurses. We see it every day and we see the trend in collecting on these debts too.
In 2016, we are already seeing a policy shift- “We Don’t Settle.” This is coming from the debt collectors and healthcare providers.
This is problematic for people with outstanding medical bills because there is a high probability these accounts will end up on your credit report as collections. Despite, what the internet may say about medical debt, it does negatively impact your credit and will decrease your credit score. It can interfere with your ability to qualify for a mortgage loan or even a job. To make matters worse, healthcare providers are starting to sue for unpaid medical bills. These means there will be an increase in judgments against consumers. Medical debt collections are nothing to scoff at and with the increase in balances due and the unwillingness of the healthcare industry to work with consumers to resolve these accounts, more people will end up in bankruptcy.
What can you do about this? Shop your healthcare. Find out what it will cost, how much your insurance will cover, and get it in writing. That’s right- get a quote. If the company you call doesn’t want to cooperate with you, someone else will. Use healthcare providers who disclose rates, with competitive pricing, and are willing to work with you on payment. Keep in mind, this is not a quick phone call, it could take days to get a response from each company. Just remember: You need to be more aware of your options for healthcare so you can make better choices about it. Healthcare is a business, they make money, and you as a consumer can choose who gets your money.
We are a consumer rights law firm who helps people negotiate settlements on medical debt as an alternative to bankruptcy, but this is not enough anymore. We need to help you understand that medical debt is getting out of control and that you can limit your liability from the beginning. We can help you navigate the payment process when it gets too complicated: like your insurance didn’t cover it, or you need to negotiate a payment plan, but the days of penny on the dollar settlement are long gone. It’s time to plan ahead and start demanding medical pricing transparency.
Here’s what Blue Cross Blue Shield has to say about it. Click me. If you have any links to healthcare pricing, policies, or trends please message us on Facebook.
Sorry for being a downer but thanks for reading and good luck navigating the system!