Are There Payment Plans for Medical Bills?

Medical bill payment plans allow patients to pay off their medical expenses over time rather than in a lump sum. The arrangement can vary depending on the healthcare provider and the type of service.

Acute Care

Acute care is short-term treatment typically associated with medical emergencies and other urgent health matters, often performed in a hospital. In this scenario, patients typically make arrangements for payment directly with the healthcare provider. There’s also no credit check involved because the service has already been completed.

Elective or Semi-Elective Procedures

If you’re planning a non-emergency procedure in advance, financing options can get a little fuzzier. Providers may ask for all or part of the payment upfront. In such cases, you may need to apply for financing through a third-party provider, such as CareCredit. These payment plans generally aren’t interest-free, but they’re often cheaper than using a credit card.

How to Pay for Medical Expenses When Money Is Tight

Getting on a medical bill payment plan won’t guarantee that you’ll be able to afford to pay off your balance. If you need more help paying medical bills, there are a few options you can consider:

• Request an itemized bill and review it for double charges or services you didn’t receive.
• Ensure your insurance company paid everything it was supposed to.
• Consider reaching out to government programs like Medicaid or the Children’s Health Insurance Program (CHIP).
• Look to companies and nonprofit organizations for assistance programs.

How Hospitals Are Helping Consumers With Medical Bills

Personalized payment plans are the primary way hospitals and other healthcare providers assist patients with medical bills. If you’re having a hard time even with a payment plan, hospitals have an incentive to help you pay your medical bills and may offer more help.

Many providers offer financial assistance programs, often in the form of a discount. This is especially true if you don’t have insurance coverage.

Avoid Letting Your Medical Bills Go Unpaid

Even if you don’t think you can pay your medical bills, try not to stop making payments altogether. If you leave your bill unpaid for too long, it could impact your credit. Most healthcare providers work with bad debt agencies if your bills go unpaid for a while, typically 90 days. If your medical debt is over $500 and still isn’t paid a year after it first became past due, the collection agency can report it to the credit reporting agencies, and it could damage your credit score.

Contact O1ne Mortgage for Your Mortgage Service Needs

At O1ne Mortgage, we understand the financial challenges that medical bills can bring. If you’re looking for mortgage services to help manage your finances, give us a call at 213-732-3074. Our team of experts is here to assist you with all your mortgage needs.